LanzaTech Completes $55.8M Series C Funding
LanzaTech, a Roselle, Illinois-based producer of low-carbon fuels and chemicals from waste gases, has closed its US$55.8m Series C funding.
The round was led by the Malaysian Life Sciences Capital Fund with participation from new investors PETRONAS Technology Ventures Sdn Bhd, and Dialog Group, and existing backers Khosla Ventures, Qiming Venture Partners and K1W1.
The company intends to use the funding to accelerate the development of integrated biorefineries using its technology platform for the production of sustainable low carbon chemicals as well as fuels.
Founded in 2005 and led by CEO Dr. Jennifer Holmgren, LanzaTech uses a proprietary fermentation process to convert gases (including industrial waste gases and gas derived from any biomass source) into fuels and chemicals.
The company has already signed strategic and commercial partnerships with global entities. In China, development of a demonstration plant to convert waste flue gas from steel manufacturing at a Baosteel (steel manufacturer) plant is mechanically complete, and expected to begin production of ethanol later in 2012.
LanzaTech is also working with Capital Steel (steel company) on a similar project, Indian Oil and Jindal Power and Steel Limited on a facility to convert industrial waste gases into ethanol, and Concord Blue on a project to convert municipal solid waste into ethanol throughout India.
In the United States, the company is developing a facility to produce renewable fuels and chemicals from regionally sourced waste wood in Soperton, Georgia, and is working with the U.S. Department of Energy, the Department of Defense (Defense Advanced Research Projects Agency – DARPA) and the Federal Aviation Administration, to adapt its technology to produce aviation fuels for commercial and military use.
LanzaTech also has offices in the U.S., China and New Zealand.