News - full story
Investment provides a platform for Petronas to integrate the technology
27/01/2012
Malaysians join LanzaTech backers
Waste gas-to-fuel developer raises US$55m
Simon Grose
MALAYSIAN companies Petronas Technology Ventures (PTV) and Dialog Group have invested in Lanzatech, the New Zealand-based flue-to-fuel developer. Neither company has disclosed how much they have each invested but it comes as part of a wider capital raising exercise which has netted a total of US$55m.
LanzaTech’s proprietary technology uses genetically modified bacteria to convert carbon monoxide in waste gases from steel manufacturing, oil refining, chemical production and landfill into fuel and chemical products. Pilot projects are underway in the US, China and India with partners including IndianOil, Mitsui, Baosteel, the Henan Coal and Chemical Industrial Corporation, and the US Defense Advanced Research Projects Agency.
PTV CEO Haida Shenny Hazri says the investment provides a platform for Petronas to integrate the technology into its operations.
The new funding more than doubles the company’s total capital raisings to US$85m since it was established in 2005. Other contributing investors were California’s Khosla Ventures, Shanghai’s Qiming Venture Partners, and New Zealand angel investor fund K1W1, all existing LanzaTech backers.
LanzaTech CEO Jennifer Holmgren says the investment will accelerate the company’s development.
“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,” Holmgren says. Meanwhile, LanzaTech is rumoured to be considering a listing on the US or Chinese sharemarkets.
