POET and Summit Carbon Solutions announce new biofuel partnership

POET and Summit Carbon Solutions have announced a new partnership connecting the world’s largest biofuel producer with the world’s largest carbon capture and storage project.
This collaboration will capture the value of the biogenic CO2 from the bioethanol production process.
The partnership expands the carbon opportunity across the Midwest by incorporating POET’s 12 facilities in Iowa and five facilities in South Dakota into the Summit project.
This addition will facilitate the capture, transportation and permanent storage of 4.7 million metric tons of CO2 annually from the 17 POET bioprocessing plants.
“POET is excited to partner with Summit Carbon Solutions on this historic project,” said Jeff Broin, POET founder and CEO.
“As the world seeks low-carbon energy solutions, carbon capture ensures that ag-based biofuels will remain competitive for decades to come. This is a tremendous opportunity to bring value to farmers, bioethanol producers and rural communities and counties in participating states, and I believe it will unleash even more opportunities for ag and bioprocessing in the future.”
“Today marks a historic day for American agriculture and biofuels,” Bruce Rastetter, founder and executive chairman of Summit Agricultural Group, said in a statement. “POET is the largest bioethanol producer in the world, and their partnership with Summit Carbon Solutions ensures that decarbonizing bioethanol will lead to exciting new market opportunities for producers, rural economies and American energy security.”