NEW YORK and LONDON, May 25, 2022 /PRNewswire/ -- Tiger Infrastructure Partners ("Tiger Infrastructure") today announced that portfolio company Summit Carbon Solutions ("SCS"), developer of the world's largest carbon capture and storage project, completed its $1 billion equity raise including a $300 million commitment from TPG Rise Climate, the dedicated climate investing strategy of TPG's global impact investing platform TPG Rise.
Tiger Infrastructure was a founding investor in SCS. Tiger Infrastructure's CEO Emil W. Henry, Jr., board member of SCS, also served as Assistant Treasury Secretary at the same time TPG Rise Climate Executive Chairman Hank Paulson served as the 74th U.S. Treasury Secretary. Henry said: "Partnering with TPG will allow us to benefit from their leadership in climate investing and Hank Paulson's decades of experience solving complex issues at the intersection of the public and private sectors. With the energy transition sitting at the center of that intersection, we are delighted to gain Hank's unique perspective and the expertise of the entire TPG Rise Climate team."
Paulson stated: "The global fight against climate change requires an all-of-the-above approach to decarbonization including the development of low carbon biofuels. We are pleased to be working with my former colleague, Emil Henry, Tiger Infrastructure and the Summit team on this critical and ground-breaking endeavor."
SCS is Tiger Infrastructure's second partnership with Summit. Tiger Infrastructure is also the largest institutional investor in Summit's biofuels platform, FS, which has successfully built two large-scale corn ethanol plants in the state of Mato Grosso, Brazil, with a third plant currently under construction. FS is powered by renewable biomass and has one of the lowest carbon footprints of any liquid transportation fuel produced at scale in the world driven by its use of second-crop corn and renewable energy.
"Tiger has been an investor in Summit Carbon Solutions from inception, and we are thrilled with their further commitment to this transformational project," said Bruce Rastetter, CEO of Summit Agricultural Group. "We are fortunate to have known the Tiger team for decades, and through our partnership with them in FS, our Brazilian bioethanol production company, Tiger has demonstrated the ability to bring tremendous value as an investor and as a partner."
This $1 billion consortium consists of strategic and financial partners, which currently includes Tiger Infrastructure, Summit Agricultural Group, TPG Rise Climate, Continental Resources, Inc. and SK E&S. This group brings a wealth of experience and relationships to this ground-breaking project.
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 2022, SCS partnered with its 32nd ethanol plant. Also in April 2022, SCS announced a joint venture with Minnkota Power Cooperative which provides SCS access to the largest fully permitted permanent carbon sequestration site in the United States. Together with the sequestration sites SCS is developing independently, SCS will have total sequestration capacity of approximately 1.2 billion tons of carbon dioxide.
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an innovative, middle-market private equity firm that invests in new and growing infrastructure platforms. Tiger Infrastructure targets investments in communications (digital), energy transition, transportation, and related sectors, primarily located in North America and Europe. For more information, visit www.tigerinfrastructure.com.
About Summit Carbon Solutions
Summit Carbon Solutions 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.
Emil W. Henry, Jr
CEO, Tiger Infrastructure Partners
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Founder, NK Communications
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SOURCE Tiger Infrastructure Partners