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Biofuel company LanzaTech secures $55m investment

23 Jan 2012

US-based alternative fuels company LanzaTech has closed Series C fundraising worth $55.8m led by the Malaysian Life Sciences Capital Fund.

New investors included the venture arm of oil company Petronas and oil and gas technical service provider the Dialog Group, both based in Malaysia.

Existing supporters Khosla Ventures, Qiming Venture Partners and K1W1 also participated in the round, the company has now raised more than $85m.

LanzaTech said it plans to use the money to accelerate the construction of a new generation of biorefineries.

Jennifer Holmgren, chief executive of LanzaTech, said, ‘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.’

Chan Yew Kai, president and chief operating officer of the Dialog Group, added, ‘Biofuels will contribute to a significant portion of the energy supply in the future. LanzaTech’s environmentally friendly fermentation technology using microbes to convert industrial waste gases to biofuel and other chemical products provides Dialog Group the ideal platform to be part of this exciting business sector.’

Copyright © 2012 NewNet

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