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.”