Summit Carbon Solutions Announces Strategic Investment from John Deere
AMES, Iowa, July 28, 2021 /PRNewswire/ — Summit Carbon Solutions is pleased to announce it has received a strategic investment from John Deere to advance the world’s largest carbon capture and storage project. The project will accelerate decarbonization efforts across the agriculture industry by enabling the production of low carbon ethanol, resulting in the production of more sustainable food, feed, and fuel.
“John Deere has had a significant impact on food production and on improving the efficiency and sustainability of agriculture globally,” said Bruce Rastetter, CEO of Summit Agricultural Group. “They recognized early on the impact Summit Carbon Solutions will have on the sustainability of biofuels and the broader agriculture industry. We’re thrilled to have them as a strategic investor.”
Summit Carbon Solutions has partnered with 31 biorefineries across the Midwest United States to capture and permanently sequester their carbon dioxide emissions. Doing so will reduce the carbon footprint of ethanol produced at these facilities by approximately 50%, which will greatly accelerate their ability to produce a net zero or even carbon negative fuel.
“Agriculture can play a key role in reducing carbon emissions, and in doing so will benefit farmers, consumers and many other stakeholders,” said Cory Reed, President, Agriculture & Turf Division of John Deere. “Carbon neutral ethanol would have a positive impact on the environment and bolster the long-term sustainability of the agriculture industry. The work Summit Carbon Solutions is doing will be critical in delivering on these goals.”
“Our approach from the start with Summit Carbon Solutions was to have an inclusive project and to partner with groups where our strategic interests align, and we are thrilled to have John Deere as an investor in this project” said Justin Kirchhoff, President of Summit Ag Investors.