Summit Carbon Solutions completes $1 billion equity raise
Summary
These commitments and the conclusion of Summit’s fundraise come on the heels of its recent announcement of its joint venture with Minnkota Power Cooperative that will provide Summit access to the largest fully permitted permanent carbon dioxide storage site in the United States. “Summit Carbon Solutions continues to make great strides in the development of its transformational decarbonization project, and the completion of this fundraise ensures we will be well capitalized to deliver for all our stakeholders. “We have been highly selective with our capital raise by searching for partners who share our vision and who bring unique abilities to add value to the company. From the outset, we always knew that successfully executing this project would require expertise and perspective from a wide variety of industries, including agriculture, biofuels, infrastructure, and energy, and we’re proud to say that Summit is joined by world class partners and investors across that spectrum, now including TPG Rise Climate,” said Justin Kirchhoff, president of Summit Ag Investors. “Summit Carbon Solutions will make a substantial environmental, social, and economic impact across its project footprint, and we look forward to working with the team at TPG Rise to deliver on that promise.” “The global fight against climate change requires an all-of-the-above approach to decarbonization and low carbon biofuels can play an increasing role,” said Hank Paulson, executive chairman of TPG Rise Climate and former U.S. Treasury Secretary.