AMES, IOWA, US — POET, the world’s largest biofuel producer, has partnered with Summit Carbon Solutions, the world’s largest carbon capture and storage project, in a venture designed to capture the value of biogenic CO2 from the bioethanol production process.
As part of the partnership, POET said its 12 bioprocessing facilities in Iowa and five facilities in South Dakota will be incorporated into the project. The project will capture 4.7 million tonnes of CO2 a year from the 17 POET plants, the companies said.
“POET is excited to partner with Summit Carbon Solutions on this historic project,” said Jeff Broin, founder and chief executive officer of POET. “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.”
Lee Blank, CEO of Summit Carbon Solutions, said the partnership with POET will create “new economic opportunities in agriculture.”
“This initiative is aimed at enhancing the financial profitability of our farmers, contributing to higher land values, and ensuring a more prosperous future for farm families and communities,” Blank said. “Our focus is on tangible benefits that directly support the backbone of our nation's agricultural industry.”
