Summit Carbon Solutions reported Dec. 13 it has secured easement agreements accounting for 85 percent of its proposed pipeline route across Greene County. Across Iowa, 61 percent of the needed easements have been secured.
“Summit Carbon Solutions was formed to open new economic opportunities for ethanol producers and to strengthen the ag economy that is so critical to families and communities across the Midwest,” Summit Carbon Solutions CEO Lee Blank said in a prepared press release. “Securing thousands of easement agreements project-wide, including 85 percent of the proposed route in Greene County, demonstrates the significant momentum behind our project and the growing recognition that carbon capture, transportation and storage projects will create jobs, improve environmental outcomes, and generate new sources of revenue for local communities.”
Summit Carbon Solutions is partnering with dozens of ethanol plants across the Midwest, including Louis Dreyfus in Grand Junction, to develop the largest carbon capture and storage project in the world. Through a multi-billion-dollar private investment, these partners will be able to sell their product in the growing number of markets that incentivize low carbon fuels. Access to these markets is critical to the long-term viability of the ethanol industry that today purchases approximately 57 percent of all corn grown in Iowa, the press release states.
The company plans to spend $34 million on construction in Greene County alone, some of which will flow into the local economy. Additionally, a study by global accounting leader Ernst & Young shows that Summit Carbon Solutions will pay an average of $1.3 million in new property taxes annually in Greene County.
“Summit Carbon Solutions is incredibly encouraged by the number of landowners who have signed easement agreements to help advance our carbon capture, transportation, and storage project,” Blank said. “We look forward to continuing to meet directly with landowners across the Midwest to discuss this critical investment, answer their questions, and work together to advance the ethanol and agricultural industries that are so critical to our state and region.”
