DENVER, Oct. 23,
2023 /PRNewswire/ -- Summit Materials, Inc. (NYSE:
SUM) ("Summit," "Summit Materials," "Summit Inc." or the
"Company"), a leading vertically integrated construction materials
solutions provider, in partnership with its subsidiary Continental
Cement Company, L.L.C. ("Continental Cement," "CCC"), entered into
a Memorandum of Understanding ("MoU") with PCC Hydrogen,
Inc. ("PCCH2"), a producer of negative carbon intensity
hydrogen. The MoU establishes a formal strategic alliance between
Summit and PCCH2 to develop a fuel replacement strategy to lower
carbon emissions from its cement manufacturing process.
The project aims to deploy negative carbon intensity hydrogen
derived from ethanol as a replacement fuel for the existing
hydrocarbon fuels used as a source of heat in the cement
manufacturing process. Continental Cement will provide its
expertise related to the use of alternative fuels in the cement
production process, while PCCH2 will develop a plan for the
construction of one of its hydrogen production facilities to
support the hydrogen needs resulting from the collaboration. It is
the first MoU of its kind signed by Continental Cement and
represents another positive step toward its efforts related to
decarbonizing cement production.
"Continental Cement has a longstanding commitment to
environmental stewardship, seeking out opportunities to develop
innovative practices and differentiated solutions to build a better
tomorrow," said David Loomes,
President at Continental Cement. "Our company has signed on to the
Portland Cement Association's (PCA) Roadmap to Carbon Neutrality, a
goal of achieving carbon neutrality across the value chain by 2050.
By coupling PCCH2's hydrogen production process with our cement
manufacturing know-how, we are taking a bold stride towards
achieving that goal while continuing the push to cost-effective
decarbonization of cement manufacturing."
Using ethanol as a feed source and by capturing the pure
CO2 byproduct of the hydrogen manufacturing process,
PCCH2 can deliver high purity, negative carbon green hydrogen to
fuel Continental Cement's manufacturing process resulting in
optimal efficiency and thermal stability. Green hydrogen is one of
the most attractive means to mitigate CO2 in industrial
applications and ultimately to get closer to net zero
CO2 emissions.
"We couldn't have found a better partner to explore innovative
ways to decarbonize cement manufacturing, the backbone of our
economy," said Timothy Fogarty, CEO
at PCCH2. "Continental Cement is an industry leader with over a
century of operational history and is already evidencing its
commitment to the environment through its subsidiary Green America
Recycling, LLC. We are excited to help fulfill that commitment with
our negative carbon intensity hydrogen providing a new avenue to
decarbonization."
Working closely with Green America Recycling, Continental Cement
is championing several sustainability initiatives, adopting new
technologies and cutting-edge approaches to address climate change,
while delivering social, environmental and economic benefits.
"Hydrogen represents a promising pathway for decarbonizing
cement manufacturing. We are excited to partner with PCC Hydrogen
to explore how to deliver on that promise." Loomes concludes.
About Summit Materials
Summit Materials is a leading
vertically integrated materials-based company that supplies
aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a
geographically diverse, materials-based business of scale that
offers customers a single-source provider of construction materials
and related downstream products in the public infrastructure,
residential and nonresidential end markets. Summit has a strong
track record of successful acquisitions since its founding and
continues to pursue growth opportunities in new and existing
markets. Visit summit-materials.com and connect with Summit on
Facebook, Instagram, LinkedIn and Twitter.
About Continental Cement Company, L.L.C.
Continental Cement Company, L.L.C. ("Continental Cement") is a
leading provider of cement based in Chesterfield, MO with plants in Hannibal, MO and Davenport, IA and nine distribution terminals
along the Mississippi River between Minneapolis, MN and New Orleans, LA. Continental Cement has built
its business on consistent quality, superior service, and
delivering a great experience since they began production cement at
their Hannibal location in 1903.
The Company provides high quality cement for projects along the
Mississippi corridor and is a an
indirect wholly-owned subsidiary of Summit Materials, Inc.
About PCC Hydrogen, Inc.
PCC Hydrogen has developed a
groundbreaking method to produce hydrogen from ethanol and other
renewable fuels in a distributed and cost-competitive way. This
innovative patented process also allows for easy capture of pure
CO2 byproduct gas for sequestration, enabling production
of negative carbon intensity hydrogen.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include all statements
that do not relate solely to historical or current facts, and you
can identify forward-looking statements because they contain words
such as "believes," "expects," "may," "will," "outlook," "should,"
"seeks," "intends," "trends," "plans," "estimates," "projects,"
"aims" or "anticipates" or similar expressions that concern our
strategy, plans, expectations or intentions. All statements made
relating to our estimated and projected growth rates, environmental
commitments and financial results are forward-looking statements.
Such forward-looking statements include but are not limited to
statements about our decarbonization efforts, and other statements
that are not historical facts. These forward-looking statements are
subject to risks, uncertainties and other factors that may cause
our actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements.
While we believe that the assumptions behind our forward-looking
statements are reasonable, it is very difficult to predict the
effect of known factors, and, of course, it is impossible to
anticipate all factors that could affect our actual results. In
light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by us or any
other person that the results or conditions described in such
statements or our objectives and plans will be realized. Important
factors could affect our results and could cause results to differ
materially from those expressed in our forward-looking statements,
including but not limited to the factors discussed in the section
entitled "Risk Factors" in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31,
2022, as filed with the SEC, and any factors discussed in
the section entitled "Risk Factors" in any of our subsequently
filed SEC filings.
All subsequent written and oral forward-looking statements
attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by these cautionary statements. Any
forward-looking statement that we make herein speaks only as of the
date of this press release. We undertake no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as required by
law.
For additional information contact:
Investors:
Andy Larkin
VP, Investor Relations
Andy.Larkin@summit-materials.com
Media:
Brian Morandi
Manager, Communications
Brian.Morandi@summit-materials.com
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SOURCE Summit Materials, Inc.