Summit Carbon Solutions secures CIBC World Markets as financial structuring advisor

In Iowa, Summit Carbon Solutions has engaged CIBC World Markets Corp. (CIBC) as financial structuring advisor for the company’s $4.5 billion project, which will be capable of capturing and permanently storing more than 12 million tons of carbon dioxide every year. CIBC will partner with Morgan Stanley in advising Summit Carbon Solutions on project-level debt structuring.

Summit Carbon Solutions’ project, scheduled to be completed in 2024, will connect more than 30 ethanol and nitrogen production facilities across the states of Iowa, Minnesota, North Dakota, South Dakota, and Nebraska. Carbon dioxide captured from these production facilities will be aggregated and transported through an approximately 2,000-mile pipeline network, terminating in North Dakota, where the carbon dioxide will be safely and permanently stored in deep subsurface geologic formations.