ROSELLE, IL--(Marketwire - Oct 3, 2012) - LanzaTech, a pioneer in waste-to-fuels and chemicals technology, today announced that it has closed on $15 million in debt financing from Western Technology Investment (WTI), a private investment firm based in Silicon Valley. Earlier this year, LanzaTech closed a $55.8M Series C funding round led by Malaysian Life Sciences Capital Fund, bringing the total capital raised to date to more than $100 million.
"LanzaTech's team have developed an innovative approach to carbon capture and reuse that is already operating at scale," said David Wanek of WTI. "Their unique technology has the potential to have a real and significant impact on the global fuels and chemicals market. WTI is excited to be joining LanzaTech on their journey to commercialization and we look forward to great things from them."
"We are delighted to partner with WTI to accelerate our growth," said LanzaTech CEO Jennifer Holmgren. "WTI has an outstanding reputation and this venture debt completes our current fundraising. We will continue to invest our capital in LanzaTech's research and development program and to accelerate the commercialization of our 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.
LanzaTech is a leader in gas fermentation technology. It provides novel and economic routes to fuels and high value chemicals from waste gas streams. These technology solutions mitigate carbon emissions from industry without creating adverse impact on food and land security.
LanzaTech's unique process serves as a sustainable pathway to produce platform chemicals that serve as building blocks to products that have become indispensable in our lives such as rubber, plastics, synthetic fibers and fuels.
LanzaTech is currently operating a pre-commercial facility in China using steel mill off gases for ethanol production. Full commercial operation is targeted for 2013.
More information is available at www.lanzatech.com
About Western Technology Investment
Founded in 1980, WTI has provided more than $3 billion of debt and equity capital to technology and life science companies ranging from early-stage private companies to publicly-traded companies, including Facebook, Google and Juniper Networks. Their investments range from $250k to $30M and are structured as fully usable, unrestricted growth capital.
More information is available at www.westerntech.com