Summit Carbon Solutions Valuation, Funding & Investors
Summit Carbon Solutions is valued at $1.1B as of April 2022.
Last Summit Carbon Solutions valuation
$1.1B
Undisclosed stage · Apr 2022
Last Summit Carbon Solutions funding round
$300M
Undisclosed stage · May 2022
Cumulative funding Summit Carbon Solutions raised
$650M
across 3 funding rounds
Key investors in Summit Carbon Solutions
TPG
Tiger Infrastructure Partners
Continental Resources
About Summit Carbon Solutions
Summit Carbon Solutions develops carbon capture and storage infrastructure connecting industrial facilities, particularly biofuel producers, to permanent CO2 storage sites in the Midwestern United States. Its Midwest Carbon Express project links ethanol plants across Iowa, Minnesota, Nebraska, North Dakota, and South Dakota via a roughly 3,200 km pipeline network, aiming to capture up to 20 million tons of CO2 annually for underground storage. The company has a joint venture with Minnkota Power Cooperative providing access to a fully permitted CO2 storage site with capacity for more than a billion tons.
Founded
2021
HQ
United StatesWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$1.1B (Apr 2022)
Summit Carbon Solutions Valuation
Summit Carbon Solutions is currently valued at $1.1B, based on its undisclosed-stage round in April 2022.
The $100M round was led by Tiger Infrastructure Partners.
Summit Carbon Solutions valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Undisclosed stage | $1.1B |
Summit Carbon Solutions Funding History
Summit Carbon Solutions has raised a total of $650M across 3 funding rounds.
Summit Carbon Solutions' first fundraising round was a $250M strategic investment round in March 2022. The most recent completed round was a $300M undisclosed-stage round in May 2022.
Summit Carbon Solutions funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Undisclosed stage | TPG (lead) | $300M | - | Summit Carbon Solutions develops carbon capture and storage infrastructure to connect industrial facilities, particularly biofuel producers, to permanent CO2 storage sites in the Midwestern US, aiming to capture up to 20 million tons of CO2 annually from facilities across multiple states. The company announced on May 11, 2022, the successful completion of over $1 billion in equity commitments, including $300 million from TPG Rise Climate, following $600+ million from prior investors like Continental Resources ($250 million committed) and Tiger Infrastructure Partners, plus an additional $100+ million in secured commitments. This funding supports development of the world's largest CCS project, enhanced by a joint venture with Minnkota Power Cooperative providing access to a fully permitted 100-million-ton CO2 storage site and potential for over 200 million tons more. TPG Rise Climate's investment, part of its climate impact strategy, was highlighted by executives including Hank Paulson and Mike Stone, emphasizing decarbonization through low-carbon biofuels and infrastructure expertise. Earlier, SK E&S acquired a 10% share for $110 million. The capital ensures Summit is well-funded for project execution amid partnerships across agriculture, biofuels, energy, and infrastructure sectors. The project faces criticism as a false climate solution tied to fossil fuel interests, with calls for TPG to divest due to unproven CCS scalability, leakage risks, and aquifer contamination concerns, noting ties to oil producers like Continental Resources. Despite this, Summit advances with world-class investors to deliver environmental and economic impacts. |
| Apr 2022 | Undisclosed stage | Tiger Infrastructure Partners (lead) | $100M | $1.1B | Summit Carbon Solutions develops the Midwest Carbon Express, the world's largest carbon capture and storage project, capturing up to 20 million tons of CO2 annually from 32 ethanol plants across five U.S. states (Iowa, Minnesota, Nebraska, North Dakota, South Dakota) via a 3,200 km pipeline network for permanent underground storage, including access to 1.2 billion tons capacity through a joint venture with Minnkota Power Cooperative. The project aims to decarbonize ethanol production, supporting U.S. carbon neutrality goals by 2050, with incentives for carbon capture. Tiger Infrastructure Partners invested prior to April 2022 alongside Continental Resources ($250M commitment), contributing to over $600M raised from early investors. The Tiger investment aligned with infrastructure expertise for this complex project spanning agriculture, biofuels, and energy sectors. This built toward completing a $1B+ equity raise announced later, including $300M from TPG Rise Climate and $110M from SK E&S, totaling over $1.065B across five rounds from investors like John Deere. The project emphasizes efficient construction preserving topsoil and drainage, amid criticisms as a false climate solution tied to fossil fuel interests like Continental Resources, which explored enhanced oil recovery options. Despite controversies, including calls for Tiger to divest, Summit advanced with world-class partners to execute the first-of-its-kind initiative. |
| Mar 2022 | Strategic investment | Continental Resources (lead) | $250M | - | Summit Carbon Solutions develops the world's largest carbon capture and sequestration project, capturing CO2 from 31 Midwest ethanol plants and transporting up to 8 million metric tons per year via pipeline for permanent storage in North Dakota's Williston Basin. The $4.5 billion project, launched in early 2021, aims for operations starting in the first half of 2024 with potential expansion to 20 million mt/year. On March 2, 2022, Continental Resources committed $250 million over two years to fund development and construction of capture, transportation, and sequestration infrastructure, leveraging its Bakken Shale expertise for secure CO2 storage. This investment supports Summit's goal of accelerating ethanol's path to net-zero carbon fuel using proven technology. The Continental Resources investment added to prior fundraising exceeding $600 million and was followed by SK E&S acquiring a 10% share for $110 million. Later, Summit completed over $1 billion in total equity commitments, including a $300 million investment from TPG Rise Climate, enabling project implementation. Partnerships like the one with Minnkota Power Cooperative in April 2022 provide access to a permitted 100-million-ton CO2 storage site and potential for over 200 million tons additional capacity near Center, North Dakota, tied to Project Tundra at the Milton R. Young Station. The project focuses on commercial agreements with ethanol producers and carbon credit generation, with tech carbon capture credits assessed at $144/mt CO2e as of March 2, 2022. |
Who has invested in Summit Carbon Solutions?
3 investors have backed Summit Carbon Solutions across its funding rounds, including TPG, Tiger Infrastructure Partners and Continental Resources.
Lead investors include TPG, Tiger Infrastructure Partners and Continental Resources.
Summit Carbon Solutions Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 1 | Lead | Apr 2022 | |
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Start Free TrialSummit Carbon Solutions Competitors
Summit Carbon Solutions competitors include listed companies like Shoals and Hydrograph Clean Power, and private ones like Climeworks, Electra, RKLab and Clean Planet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Zurich | Private | - | - | $1.1B | - | |
| Boulder, CO | Private | - | - | $1.2B | - | |
| Lucerne | Private | $14M | - | $1.2B | 85.7x | |
 Tokyo | Private | - | - | $1.2B | - | |
| United States | Publicly listed | $475M | $72M | $1.3B | 2.6x | |
 Canada | Publicly listed | $43K | ($8M) | $1.4B | - |
Summit Carbon Solutions Public Comps
Summit Carbon Solutions is still privately-owned, but its public comps include Shoals, Hydrograph Clean Power, PSI Software, Canadian Solar, Longshine Technology, Ballard Power Systems, Ygsoft, Array Technologies, Zhejiang Netsun and Borregaard.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $475M | $72M | 3.2x | 2.6x | 20.9x | 12.8x | |||
| $43K | ($8M) | 30584.1x | - | (167.9x) | - | |||
| $329M | ($7M) | 2.6x | 2.5x | (127.4x) | 51.0x | |||
| $5.6B | $546M | 1.6x | 1.5x | 16.1x | 15.6x | |||
| $674M | $24M | 2.0x | 1.8x | 55.0x | 32.5x | |||
| $99M | ($85M) | 2.7x | 2.6x | (3.2x) | (4.6x) | |||
| $387M | $71M | 3.8x | 3.9x | 20.6x | 21.4x | |||
| $1.3B | $34M | 1.2x | 1.1x | 47.5x | 7.5x | |||
This data is available for Pro users. Sign up to see all Summit Carbon Solutions competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Summit Carbon Solutions
| When was Summit Carbon Solutions founded? | Summit Carbon Solutions was founded in 2021. |
| Where is Summit Carbon Solutions headquartered? | Summit Carbon Solutions is headquartered in United States. |
| Is Summit Carbon Solutions publicly listed? | No, Summit Carbon Solutions is a private, VC-backed company. |
| What is Summit Carbon Solutions' valuation? | Summit Carbon Solutions was last valued at $1.1B in its undisclosed-stage round in April 2022. |
| How much funding has Summit Carbon Solutions raised? | Summit Carbon Solutions has raised $650M across 3 funding rounds. |
| What was Summit Carbon Solutions' last funding round? | Summit Carbon Solutions' last funding round was a $300M undisclosed-stage round in May 2022, led by TPG. |
| Who are Summit Carbon Solutions' investors? | Summit Carbon Solutions' investors include Tiger Infrastructure Partners, TPG and Continental Resources. |
| Which companies are comparable to Summit Carbon Solutions? | Companies comparable to Summit Carbon Solutions include Climeworks, Electra, RKLab, Clean Planet, Shoals and Hydrograph Clean Power. |
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