LanzaTech, a producer of low carbon fuels and chemicals from waste gases, has closed its Series C round with new investment totaling USD 55.8 million led by the Malaysian Life Sciences Capital Fund. New investors include PETRONAS Technology Ventures Sdn Bhd, the venture arm of PETRONAS, the national oil company of Malaysia, and Dialog Group, a leading Malaysian integrated specialist technical services provider to the oil, gas and petrochemical industry.
Existing investors Khosla Ventures, Qiming Venture Partners and KIWI also participated in the round. To date, the company has raised more than USD 85 million.
Dr Jennifer Holmgren CEO of LanzaTech said that this funding will accelerate the development of next generation integrated bio refineries using the LanzaTech technology platform for the production of sustainable low carbon chemicals as well as fuels.
She added that "The size of this round and the quality of the new and returning investors is a strong validation of not only our technology, but the unparalleled opportunity for LanzaTech to be a global leader in bio fuels and bio chemicals markets."
Mr Roger Wyse, co chairman of Malaysian Life Sciences Capital Fund, believes the company has nearly limitless potential. He said that "LanzaTech's unique approach to taking a waste stream and converting it into a valuable and needed commodity will help address the dual challenge of energy demand and climate change without compromising the use of land and water resources."
LanzaTech's fuel strategy is already well developed through technology, strategic and commercial partnerships with global entities, including eight Fortune 500 global companies. In China, development of a demonstration plant to convert waste flue gas from steel manufacturing at a Baosteel (China's largest steel manufacturer) plant is mechanically complete, and expected to begin production of ethano later this year. The company is also working with Capital Steel (China's fourth largest steel company) on a similar project.
In India, LanzaTech is working with Indian Oil and Jindal Power and Steel Limited on a facility to convert industrial waste gases into ethanol. It also has partnered with Concord Blue on a project to convert municipal solid waste into ethanol throughout India.
In the United States, LanzaTech is developing a facility to produce renewable fuels and chemicals from regionally sourced waste wood in Soperton, Georgia. In addition, the company is working with the U.S. Department of Energy, the Department of Defense (Defense Advanced Research Projects Agency) and the Federal Aviation Administration, to adapt its technology to produce aviation fuels for commercial and military use.
Mr Chan Yew Kai president & COO of Dialog Group said that "Biofuels will contribute to a significant portion of the energy supply in the future. Lanzatech's environmentally friendly fermentation technology using microbes to convert industrial waste gases to biofuel and other chemical products provides DIALOG Group the ideal platform to be part of this exciting business sector."
Mr Haida Shenny Hazri CEO of PETRONAS Technology Ventures Sdn Bhd said that the investment made by PETRONAS provides a platform for PETRONAS to pursue the integration of LanzaTech's technology on converting waste gases with PETRONAS' operations.
