Malaysian Life Sciences Capital Fund Leads $55.8 Investment in LanzaTech
Posted in Biofuels on January 24th, 2012 by News Desk –
Roselle, Illinois – LanzaTech, a privately held developer of technology for producing low-carbon fuels and chemicals from waste gases, has raised $55.8 million in its third round of venture capital, which was led by the Malaysian Life Sciences Capital Fund.
Founded in 2005, LanzaTech develops technology for the production of alcohols and chemicals from waste gas resources that are completely outside the food value chain. In the company’s process, alcohols are converted into jet fuel that is equivalent to petroleum jet fuel, or that can be blended with petroleum, according to the company.
LanzaTech was recently awarded a $3 million contract by the United States Federal Aviation Administration (FAA) to accelerate commercial availability of its alcohol-based jet fuel.
Under the FAA award, LanzaTech will use heavy industry gases and synthesis gas derived from lignin, a byproduct of cellulosic ethanol, which would open up a new biomass waste stream for making economic jet fuel, the company said.
A key goal of the project is to produce 100 or more gallons of alternative jet fuel for testing by the US Air Force Research Laboratory. LanzaTech is partnering in the project with Imperium and Battelle, which will assess potential U.S. commercial production sites and resources.
Additional investors in LanzaTech include PETRONAS, the national oil company of Malaysia; Dialog Group, a Malaysian technical services provider to the oil, gas and petrochemical industry; Khosla Ventures; Qiming Venture Partners; and K1W1.
Image credit: LanzaTech
