New Study Shows Summit Carbon Solutions Will Drive Economic Growth Across the Midwest

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Apr 20, 2022, 08:00 ET

AMES, Iowa, April 20, 2022 /PRNewswire/ -- A new study shows that Summit Carbon Solutions' proposed carbon capture, transportation, and storage project will create jobs, generate new tax revenue for local communities, support local suppliers, and strengthen the Midwest regional economy. Ernst & Young, a global leader in accounting and professional services, conducted the study.

Summit Carbon Solutions has partnered with 32 ethanol plants across the states of Iowa, Minnesota, Nebraska, North Dakota, and South Dakota, to develop the largest carbon capture and storage project in the world. This multi-billion-dollar infrastructure project will have the capacity to capture and permanently store 12 million tons of carbon dioxide every year, while opening critical new markets for ethanol producers and bolstering the bottom line of corn growers.

"From the outset of this project, Summit Carbon Solutions has been committed to driving the future of agriculture by expanding economic opportunities for ethanol producers and by strengthening the marketplace for farmers in the Midwest," said Jake Ketzner, Summit Carbon Solutions Vice President of Government and Public Affairs. "In addition to those benefits, the latest analysis shows the overwhelmingly positive impact of this multi-billion-dollar private investment, including the creation of thousands of new high-quality jobs, the utilization of local suppliers and main street businesses, and tens of millions of dollars in new tax revenues that will help local communities fund our roads, hospitals, first responders, and more."

Several key highlights include the following:

Project-Wide Findings (Construction Phase)

Total Investment	$3.7 billion
Total Average Annual Jobs Created	11,427
Total Federal, State, Local Taxes Paid by SCS	$371 million
Expenditures to Suppliers, Contractors, and More	$2.1 billion
Total Right-of-Way and Other Landowner Payments	$309 million

Project-Wide Findings (Operations Phase)

Annual Expenditures	$170 million
Total Jobs Supported	1,170
Expenditures to Suppliers, Contractors, and More	$78 million
Total Federal, State, Local Taxes Paid by SCS	$97 million

State-by-State Findings (Construction Phase)

Total Iowa Investment	$987 million
Total Labor Income in Iowa	$389 million
State and Local Taxes Paid by SCS (Iowa)	$73 million
Total North Dakota Investment	$898 million
Total Labor Income in North Dakota	$392 million
State and Local Taxes Paid by SCS (North Dakota)	$61 million
Total South Dakota Investment	$795 million
Total Labor Income in South Dakota	$440 million
State and Local Taxes Paid by SCS (South Dakota)	$74 million
Total Minnesota Investment	$462 million
Total Labor Income in Minnesota	$276 million
State and Local Taxes Paid by SCS (Minnesota)	$45 million
Total Nebraska Investment	$541 million
Total Labor Income in Nebraska	$249 million
State and Local Taxes Paid by SCS (Nebraska)	$41 million

State-by-State Findings (Operations Phase)

Annual Iowa Expenditures	$64 million
State and Local Taxes Paid by SCS (Iowa)	$42 million
Annual North Dakota Expenditures	$18 million
State and Local Taxes Paid by SCS (North Dakota)	$8 million
Annual South Dakota Expenditures	$37 million
State and Local Taxes Paid by SCS (South Dakota)	$15 million
Annual Minnesota Expenditures	$22 million
State and Local Taxes Paid by SCS (Minnesota)	$14 million
Annual Nebraska Expenditures	$29 million
State and Local Taxes Paid by SCS (Nebraska)	$16 million

Summit Carbon Solutions will strengthen the corn market and, by extension, positively impact the economy in all of the counties and communities across the Midwest. The report from Ernst & Young also includes county-level data showing the company's total investment and the forecast for incremental annual property taxes generated.

The full report along with state-by-state fact sheets can be found at www.SummitCarbonSolutions.com.

Summit Carbon Solutions is driving the future of agriculture by expanding economic opportunities for ethanol producers, strengthening the marketplace for Midwest-based farmers, and creating jobs. In developing the largest carbon capture and storage project in the world, the company seeks to lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States. For more information, visit: www.SummitCarbonSolutions.com.

SOURCE Summit Carbon Solutions