Support for Summit Carbon Solutions Continues to Grow in South Dakota

Support for Summit Carbon Solutions Continues to Grow in South Dakota

• Company has successfully partnered with 370 South Dakota landowners to sign 585 easement agreements in the state, totaling 220 miles of the proposed pipeline project route.

• Summit Carbon Solutions continues to advance its project by submitting new filings with the South Dakota Public Utilities Commission

AMES, Iowa (October 13, 2022) – Support for Summit Carbon Solutions’ carbon capture, transportation, and storage project continues to grow in South Dakota as the company has now partnered with 370 South Dakota landowners to sign 585 easement agreements. Those agreements account for 220 total miles of the proposed pipeline route in the state.

These partnerships are the result of dozens of public meetings with stakeholders and hundreds of meetings with landowners to introduce the project, answer questions, and receive feedback. Based on that feedback and information gathered during field surveys, the company made several adjustments to the proposed route of the project that were submitted today as supplemental information to the South Dakota Public Utilities Commission.

“Since we announced our project last year, Summit Carbon Solutions has been committed to working in partnership with landowners, stakeholders, and communities to support farmers and the broader ag economy by opening new markets for ethanol producers,” Summit Carbon Solutions CEO Lee Blank said. “Securing partnerships with 370 South Dakota landowners is a reflection of that commitment and the growing support for making investments today that will support economic growth long-term, while also generating substantial new revenues for local communities across the Midwest.”

Summit Carbon Solutions is partnering with 32 ethanol plants across the Midwest, including seven in South Dakota, to develop the largest carbon capture and storage project in the world. Through a nearly $800 million investment in South Dakota alone, these partner ethanol producers will be able to sell their product at a premium in the growing number of markets that have adopted low carbon fuel standards.California, the largest ethanol consuming state, and Canada, the largest U.S. ethanol importer, have both adopted policies that incentivize the use of low carbon fuels. Access to these markets is critical to the long-term viability of the ethanol industry that today purchases approximately 40% of all the corn grown in the United States and that remains a key driver of commodity prices and land values.

In addition to driving growth in the ethanol and agricultural industries, Summit Carbon Solutions will support local economies across South Dakota by investing an average of $44 million during construction in each of the counties where the project is located. Those dollars will flow back to hotels, restaurants, hardware stores and other local businesses to generate ongoing economic growth. After construction, according to a study by global accounting leader Ernst & Young, Summit Carbon Solutions will pay an average of $650,000 in new property taxes annually to every South Dakota county where the project is located, helping communities support critical local priorities such as schools, road construction, public safety, and more.

To learn more about Summit Carbon Solutions, please visit www.SummitCarbonSolutions.com.

To view the documents Summit Carbon Solutions submitted to the South Dakota Public Utilities Commission, please visit www.puc.sd.gov.

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