Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwi bio-fuels pioneer LanzaTech raises a further US$60 mln

Kiwi bio-fuels pioneer LanzaTech raises a further US$60 mln, Mitsui joins board

March 27 (BusinessDesk) – New Zealand-founded bio-fuels innovator LanzaTech has attracted US$60 million in its latest capital-raising round, including a US$20 million commitment from Japanese industrial conglomerate Mitsui, which will join the LanzaTech board.

Headquartered in Chicago, but with scientific operations led from its Auckland laboratories, LanzaTech is seeking up to US$80 million in its so-called “D round” of funding, with a second tranche possible later this year, according to a report on the authoritative BioFuels Digest website, which describes the latest capital-raising as a “monster haul.”

Others participating in the round were German industrial giant Siemens, through its venture capital unit, CICC Growth Capital, and several of the firm’s existing investors: US billionaire clean-tech investor Vinod Khosla’s vehicle Khosla Ventures, Warehouse founder Stephen Tindall’s K1W1 fund, Qiming Venture Partners, and the Malaysian Life Sciences Capital Fund.

Mitsui said in a statement it would actively contribute to “developing next-generation biofuels and chemicals made from waste gases.”

“Through this investment, Mitusui is going to be involved in marketing of LanzaTech’s technology, business development and product take-off worldwide.”

The operating officer for Mitsui’s Energy Business Unit II, Toru Ryoso, has been appointed to the LanzaTech board.

Biofuels Digest reports the latest funds will be used to extend LanzaTech’s core gas fermentation platform and product range, which so far includes fuels such as ethanol, or jet fuel, and commodity chemicals such as butadiene, used in nylon production and propylene, used in plastics manufacture.

The company’s ground-breaking gas fermentation technique converts waste gases from industrial processes, such as carbon monoxide from steel mills, to commercially useful hydrocarbons and has attracted attention from the highest levels of the American defence industry, Chinese scientific academies, Chinese and Indian steel manufacturers and the civil aviation sector.

More recently, it has been developing processes using carbon dioxide waste streams.

It operates a string of demonstration facilities in China, Taiwan and India, and at the New Zealand Steel facility at Glenbrook. Its first commercial scale production plant is under construction for completion next year by Chinese steelmaker, BaoSteel.

The company first raised seed capital in New Zealand in 2005/06, followed by a US$3.5 million injection from Khosla Ventures in 2007 in its A Series funding round. The B round in 2010 raised a further US$18 million, led by Qiming Ventures, and the 2012 C Series raised a further US$55.8 million, led by the Malaysian Life Sciences Capital Fund.

LanzaTech’s technology has attracted numerous high profile international awards, including citation at the 2012 World Economic Forum in Davos as “an industry-changing company with potential to change the future.”

The company has indicated in the past that it may make a public offering of shares in due course.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news