LanzaTech secures funding for ethanol from carbon monoxide in waste gases
LanzaTech announced it has secured US$3.5 million in Series A funding, led by Khosla Ventures and supported by two existing New Zealand- based investors.
The funding will support further technology development, establishing a pilot plant, engineering work to prepare for commercial-scale ethanol production and positions the company to raise significant capital in the near future.
This technology could produce 50 billion gallons of ethanol from the world’s steel mills alone, turning the liability of carbon emissions into valuable fuels worth over $50 billion per year at very low costs and adding substantial value to the steel industry. The technology will also be a key contributor to the cellulosic biofuels business as it can convert syngas produced through gasification into ethanol.
“We have proven in our laboratories that the carbon monoxide in industrial waste gases such as those generated during steel manufacture can be processed by bacterial fermentation to produce ethanol,” said Dr. Sean Simpson, founder of LanzaTech.
LanzaTech is aggressively pursuing the development of advanced gas to ethanol technologies based on work developed in its laboratories in Auckland, New Zealand.