- Archer-Daniels-Midland Co ADM has signed a Letter of Intent with Wolf Carbon Solutions US LLC to advance the decarbonization of ethanol production.
- Both the parties have agreed on constructing a pipeline, developed, owned, and operated by Wolf Carbon Solutions, which will allow the capture, compression, and transportation of carbon dioxide produced at ADM's Clinton and Cedar Rapids, Iowa, facilities.
- The 350-mile steel trunk line will be capable of transporting 12 million tons of CO2 per year.
- The pipeline will offer the dedicated capacity to transport CO2 from ADM's ethanol and cogeneration facilities in Clinton and Cedar Rapids to be stored permanently underground at ADM's sequestration site in Decatur, Illinois.
- Price Action: ADM shares are trading higher by 0.56% at $70.32 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
