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

 

World Economic Forum dubs NZ's Lanzatech ‘future-changing'

World Economic Forum dubs Kiwi firm Lanzatech ‘future-changing’

Aug. 29 (BusinessDesk) - Auckland-based biofuels pioneer Lanzatech has been tipped by the influential World Economic Forum as "an industry-changing company with the potential to transform the future

Already highly decorated with a string of innovation and bio-technology awards and contracts to work with the US defence and aerospace industries, as well as steel mills and refineries in China and India, the latest award is significant because of the WEF's global clout.

The company has attracted investment from billionaire US clean-tech investor Vinod Khosla and the founder of the Virgin empire, Sir Richard Branson, along with noted New Zealand investors including Warehouse founder Sir Stephen Tindall.

Lanzatech has been named a WEF Technology Pioneer, a 12 year-old programme that has recognised more than 400 companies, including Twitter, Wikimedia, and Technorati, and will receive the award at a global forum in Tianjin, China, next month.

Lanzatech has succeeded in attracting investment and scientific collaboration with top Chinese government science agencies, with its enzyme-based process for turning waste carbon monoxide gas flows from major industrial plant and producing biofuels.

The company has previously talked of an intention to list on a sharemarket in the next two years, with a head listing likely in either the US or China, but NZX listing also a likelihood.

Meanwhile, documents lodged with the Companies Office show that, consistent with its status as an early stage venture capital company, Lanzatech made a $17.6 million loss in the nine months to Dec. 31, in a set of accounts that don't allow direct comparisons with the previous year owing to a balance date change.

In the 12 months to March 31, 2011, the company had reported a $14.2 million loss. The most recent nine month result reflected a $2.3 million impact from the strength of the New Zealand dollar. Total revenues from grants for the nine months was $2.7 million, against total operating expenses of $16.2 million.

It was carrying assets of $73.5 million on its books at Dec. 31, of which $52.1 million was in cash or cash equivalents, following successful equity raisings during the period, and compares with total assets of $15.3 million at March 31 last year.

Total accumulated losses stood at $50.9 million at Dec. 31.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



SEA: Another First For Solar Energy In New Zealand

The Sustainable Energy Association NZ (SEANZ) congratulates Sunergise on the commissioning of the Sunergise Kapuni Solar Power Plant, the largest in the country... More>>

Accenture: More Boomers Than Zoomers Want To Work From Home

While often associated with tech savvy Gen Z or Zoomers, new global research from Accenture shows that the push for more flexible working environments is being led by Gen Xers and Baby Boomers... More>>


Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>


Banking: Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>