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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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