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LanzaTech, a biofuel company that turns waste gasses into fuel, announced Monday that is has secured $55.8 million in its third round of funding.
Creating biofuels and biochemicals from factory waste emissions is LanzaTech’s specialty. The company uses carbon monoxide emissions from steel mills, factories, oil refineries, and other waste sources to create ethanol, using a gas-liquid bacterial fermentation. LanzaTech captures the carbon monoxide, pumps the gases into a bioreactor, and mixes with liquid. Bacteria feeds on the mixture, nutrients are added, and when the process is finished ethanol is produced.
The company works all over the world, helping manufacturing industries dispose of carbon emissions. In China, LanzaTech has used emissions from steel mill factories to create fuel. LanzaTech is also 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.
“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 biofuels and biochemicals markets,” chief executive of LanzaTech Dr. Jennifer Holmgren said in a statement.
The funding will be used for the development of new biorefineries — facilities where gases can be converted into fuel.
LanzaTech was founded in 2005 in New Zealand and is now headquartered in Roselle, Illinois. The company maintains offices in China and New Zealand. This latest series C fundraising round was led by Malaysian Life Sciences Capital Fund with participation from PETRONAS Technology Ventures Sdn Bhd, Khosla Ventures, Qiming Venture Partners, and K1W1. So far, LanzaTech has raised more than $85 million for its renewable fuel technology.
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