04 Oct 2012, BioSpectrum Bureau , BioSpectrum
Singapore: LanzaTech, a pioneer in waste-to-fuels and chemicals technology, closed $15 million in debt financing from Western Technology Investment (WTI), a private investment firm based in Silicon Valley. Earlier this year, LanzaTech closed a $55.8 million Series C funding round led by Malaysian Life Sciences Capital Fund, bringing the total capital raised to date to more than $100 million.
Mr David Wanek of WTI said that LanzaTech's team has developed an innovative approach to carbon capture and reuse, which is already operating at scale. "Its unique technology has the potential to have a real and significant impact on the global fuels and chemicals market," he said. "WTI is excited to be joining LanzaTech on its journey to commercialization and we look forward to great things from them."
Dr Jennifer Holmgren, CEO, LanzaTech, said that WTI has an outstanding reputation and this latest venture debt completes LanzaTech's current fundraising. She said that the company will continue to invest its capital in R&D and to accelerate the commercialization of its integrated fuels and chemicals platform.
LanzaTech has developed a novel biological process of carbon capture and reuse using proprietary biological microbes that can use a variety of waste gases as a nutrient source, including waste gases from industry, which would otherwise be flared as carbon dioxide (CO2).
Operating completely outside the food value chain, LanzaTech can also use syngas generated from any biomass resource (such as municipal biowaste, organic industrial waste, and agricultural waste) and reformed natural gas.