HomeCarbon CreditsCarbon Capture and Sequestration Project Receives $250M in Funding

Carbon Capture and Sequestration Project Receives $250M in Funding

Summit Carbon Solutions is taking the lead for the most significant carbon capture and sequestration project of its kind – anywhere in the world.

To make this project a reality, Continental Resources has committed $250 million. This will help to fund the project’s development and construction. The funding will happen over the next two years.

How will this carbon capture and sequestration project work?

The focus of Summit Carbon Solutions will be to capture carbon from 31 ethanol plants. Once captured, the CO2 will be transported through pipelines underground in North Dakota. It will then be stored deep within the earth.

Right now, the project is taking place in Iowa, Nebraska, Minnesota, and North and South Dakota.

Currently, the project will capture over 8 million tons of CO2. However, the project does have a capacity for 12 million metric tons of carbon.

Since it started, Summit Carbon Solutions’ goal is to help ethanol become a net-zero carbon fuel.

“This project will be transformational for the ethanol and agriculture industries and will have a substantial economic impact across the Midwest,” said Bruce Rastetter, CEO of Summit Agricultural Group.

Continental Resources agrees. Its CEO, Bill Berry, said, “Carbon capture will play an integral role in helping reduce global emissions.

“We believe Summit Carbon Solutions has the most capital efficient project to further this goal.”

Summit and Continental should release more information about the project soon.

Per Rastetter, “We have engaged with governors and leaders in all five states involved in the project and are grateful for the exceptional leadership and commitment from each to this initiative.”

“Continental Resources has been in North Dakota for over 25 years. As the state’s largest leaseholder and producer, no company knows the geology better than we do,” said Continental Resources Founder and Chairman Harold Hamm. “We are grateful to North Dakota’s leadership, who has been laying the groundwork for a project like this and leading sequestration for nearly 20 years.”

Most Popular
LATEST CARBON NEWS

Twelve Transforms Carbon into Sunglasses, Car Parts, and Fuel

As firms around the world are tackling climate change, Twelve is offering a solution through its carbon transformation tech which turns CO2 into products...

Crypto Carbon Credits Exchange 1GCX Closes $2B Record Deal

Crypto carbon credits exchange 1GCX partnered with T3 Trading, raising $2 billion in assets under management (AUM) and setting up a $100 million liquidity...

Ethereum’s Stealth Move to Wipe Out Its Carbon Footprint

Ethereum won the spotlight with the Merge, which cut the crypto’s energy use and carbon footprint more than expected by 99.99%. The second-largest cryptocurrency -...

Iron and Steel Industry Will Buy $250B Carbon Credits for Net Zero

Bringing the iron and steel industry to net zero by 2050 requires $1.4 trillion of investment, $250 billion of which is for carbon credits,...
CARBON INVESTOR EDUCATION

ESG Investing with Carbon Credits – What Investors Need To Know

Reducing carbon emissions is evident as firms focus on ESG investing and governments account for climate impact through carbon credits.

The 5 Top Carbon Offset Project Developers

Are you looking to directly reduce your carbon footprint or support projects that cut emissions elsewhere? Then carbon credits allow you to do either...

The Top 3 Private Carbon Companies to Watch Right Now

Right now, the carbon space is heating up. Dozens of companies are jumping into what’s fast becoming one of the hottest spaces to invest...

Carbon Insetting: The Target of Scope 3 Carbon Offset Accounting

Carbon offsets are a well-known sustainability concept so you most likely have heard of them. But there’s a relatively new sustainable supply chain term...