Summit Carbon Solutions (SCS), developer of the world's largest carbon capture and storage project, completed its $1 billion equity raise this month with Tiger Infrastructure Partners serving as a founding investor.
The fundraise also included a $300 million commitment from TPG Rise Climate, the dedicated climate investing strategy of TPG's global impact investing platform TPG Rise. Other strategic and financial partners include Summit Agricultural Group, Continental Resources, Inc. and SK E&S.
SCS will capture and permanently sequester up to 20 million tons per year of carbon dioxide from ethanol and other industrial facilities across the Midwest. In addition to completing the equity raise, recent announcements from SCS materially advance the project.
In April, SCS partnered with its 32nd ethanol plant. The same month, SCS announced a joint venture with Minnkota Power Cooperative, which provides SCS access to the largest fully permitted permanent carbon seq
