NEW YORK and LONDON, May 25, 2022 /PRNewswire/ — Tiger Infrastructure Partners (“Tiger Infrastructure”) announced today that holding company Summit Carbon Solutions (“SCS”), developer of the world’s largest carbon capture and storage project, has completed his $1 billion capital increase including a $300 million TPG Rise Climate Commitment, the dedicated climate investment strategy of TPG’s global impact investing platform, TPG Rise.
Tiger Infrastructure Partners Hosts TPG Rise Climate To Summit Carbon Solutions Completion of $1 billion Equity Consortium
Tiger Infrastructure was a founding investor in SCS. CEO of Tiger Infrastructure Emil W. Henry, Jr.SCS board member, also served as Assistant Secretary to the Treasury concurrently as Executive Chairman of TPG Rise Climate Hank Paulson served 74e US Treasury Secretary. Henry said: “Partnering with TPG will allow us to benefit from their leadership in climate investing and by Hank Paulson decades of experience in solving complex problems at the intersection of the public and private sectors. With the energy transition at the center of this intersection, we are thrilled to have Hank’s unique perspective and the expertise of the entire TPG Rise Climate team.”
Paulson said: “The global fight against climate change requires a comprehensive approach to decarbonization, including the development of low-carbon biofuels. We are delighted to work with my former colleague, Emile HenryTiger Infrastructure and the Summit team in this crucial and game-changing endeavour.”
SCS is Tiger Infrastructure’s second partnership with Summit. Tiger Infrastructure is also the largest institutional investor in Summit, FS’ biofuels platform, 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 large-scale produced liquid transportation fuel in the world due to its use of second-crop corn and renewable energy.
“Tiger has been an investor in Summit Carbon Solutions since its inception, and we are delighted with their commitment to this transformational project,” said Bruce Rasetter, CEO of the Summit agricultural group. “We have been fortunate to have known the Tiger team for decades, and through our partnership with FS, our Brazilian bioethanol company, Tiger has demonstrated its ability to deliver tremendous value as an investor and as a as a partner.”
This $1 billion The consortium consists of strategic and financial partners, which currently include Tiger Infrastructure, Summit Agricultural Group, TPG Rise Climate, Continental Resources, Inc. and SK E&S. This group brings a wealth of experience and connections to this groundbreaking project.
SCS will continuously capture and sequester up to 20 million tons per year of carbon dioxide from ethanol and other industrial facilities in the Midwest. In addition to the completion of the capital increase, recent announcements from SCS are significantly advancing the project. In April 2022SCS has partnered with its 32n/a ethanol plant. Also in April 2022SCS announced a joint venture with Minnkota Power Cooperative that provides SCS with access to the largest permanent fully licensed carbon sequestration site in United States. Together with the sequestration sites that SCS is independently developing, SCS will have a total sequestration capacity of approximately 1.2 billion tonnes of carbon dioxide.
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an innovative middle-market private equity firm investing in new, growing infrastructure platforms. Tiger Infrastructure targets investments in (digital) communications, energy transition, transport and related sectors, mainly located in North America and Europe. For more information, visit www.tigerinfrastructure.com.
About Summit Carbon Solutions
Summit Carbon Solutions seeks to reduce greenhouse gas emissions by connecting industrial facilities through 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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SOURCE Tiger Infrastructure Partners