Summit Next Gen Secures Site for Sustainable Aviation Fuel Production
Summit Next Gen announced the completion of its site acquisition to create a platform for producing sustainable aviation fuel (SAF).
This project aims to supply the aviation sector with a scalable supply of low-carbon jet fuel to fulfill the growing demand for decarbonization solutions.
With the acquisition, Summit Next Gen can use the current logistics infrastructure to efficiently source ethanol feedstock and supply sustainable aviation fuel to local and international markets.
The purchase agreement also includes an exclusive option to purchase an extra 40 acres to accommodate future growth if demand for SAF rises.
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Bruce Rastetter, Founder and Executive Chairman of Summit Agricultural Group, said, "Summit Next Gen's ongoing success represents a continuation of our strategy to leverage our deep roots in the agricultural and ethanol industries to drive substantial value creation for all of our stakeholders, including the many communities in which we live, invest and operate.”
He added, "The completion of this project and commencement of operations will facilitate the creation of the first at-scale ETJ SAF production facility providing critical new markets for our agricultural and ethanol feedstock partners and helping to bridge the supply shortage of SAF globally, as demand for continued decarbonization efforts for the aviation industry exponentially increase."
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With assistance from both current and potential investors in Summit Gen, this site was funded through a capital fundraising round.
The remaining capital commitments will be used to conclude engineering and project design in partnership with Burns & McDonnell and Honeywell UOP.
With these new developments and the acquired finances, the company will make its final investment decision (FID) in 2025.
