Asian investors back eco-fuels producer LanzaTech
The Malaysian Life Sciences Capital Fund led a $55 million Series C round of financing for low-carbon fuels producer LanzaTech. Petronas Technology Ventures and Dialog Group, also Malaysian firms, participated in the round, as did existing investors Khosla Ventures, Qiming Venture Partners and K1W1.
LanzaTech, which was founded in New Zealand but is now based in Illinois, US, has raised more than $85 million to date. It has developed a gas-liquid fermentation process that produces low carbon fuels and chemicals from waste gas resources.
The company has partnerships with eight Fortune 500 global companies. In the US, it is developing a facility in Georgia to produce renewable fuels and chemicals from regionally sourced waste wood, as well as working with the Department of Energy, Department of Defense and Federal Aviation Administration to adapt its technology to produce aviation fuels for commercial and military use.
In China, LanzaTech is developing a demonstration plant to convert waste flue gas from steel manufacturing at a Baosteel plant, which is expected to begin production of ethanol later this year. It is also working with Capital Steel, China's fourth largest steel company, on a similar project.
Meanwhile, in India, the company is partnering with Indian Oil and Jindal Power & Steel on a facility to convert industrial waste gases into ethanol.
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