Continental Resources Inc. will invest $250 million over the next 2 years to help fund the development and construction of carbon capture, transportation, and sequestration infrastructure from ethanol plants and other industrial sources in Iowa, Nebraska, Minnesota, North Dakota, and South Dakota.
The project has commitments from 31 partner ethanol facilities to deliver more than 8 million tonnes/year (tpy) of CO2, with initial pipeline capacity of 12 million tpy, and expansion capabilities to handle up to 20 million tpy.
Continental has invested in Summit Carbon Solutions LLC to aggregate and transport CO2 to North Dakota via pipeline, where it will be sequestered in extensively researched subsurface geologic formations.
Definitive documentation related to the investment is being finalized and is subject to customary closing conditions.