LanzaTech, a producer of low-carbon fuels and chemicals from waste gases, has closed it’s Series C round with new investment totaling US $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.
LanzaTech’s specialty is creating biofuels and biochemicals from factory waste emissions. They use carbon monoxide emissions from steel mills, factories, oil refineries, and other waste sources to create ethanol, and then apply a process called gas-liquid bacterial fermentation. LanzaTech captures the carbon monoxide, pumps the gases into a bioreactor, and mixes with liquid, and uses bacteria that feeds on the mixture. Nutrients are added, and when the process is finished ethanol is produced.
“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”, say Roger E. Wyse, Co-Chairman of Malaysian Life Sciences Capital Fund. He believes the company has nearly limitless potential. Dr. Jennifer Holmgren, chief executive of LanzaTech, said the new funding will accelerate the development of next generation integrated biorefineries using the LanzaTech technology platform for the production of sustainable low carbon chemicals as well as fuel.
Currently the world uses over 85 million barrels of petroleum per day, and global primary energy demand is growing at a rate of 1.6% per year according to LanzaTech. This means that global primary energy demand will potentially double over the next 40-50 years. The company is helping manufacturing industries dispose of carbon emissions all over the world. LanzaTech is partnering with the Federal Aviation Administration in the United States to create jet fuels from industrial waste and is developing a facility in the state of Georgia to turn waste wood into fuel, and in China LanzaTech has used emissions from steel mill factories to create fuel.