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Business
Fuels Firm LanzaTech Raises $18 Million
by Melody Voith
July 19, 2010
| A version of this story appeared in
Volume 88, Issue 29
New Zealand-based cleantech firm LanzaTech has raised $18 million in its second round of financing, led by China-focused venture capital firm Qiming Ventures. LanzaTech develops bacteria to convert industrial waste gases into fuels and chemicals. The firm raised the funds after agreeing with Chinese oil and gas company Baosteel to commercialize a process to make ethanol from steel-mill off-gases. It plans to have a precommercial plant operating in 2011. Other investors in the round included Softbank China Venture Capital and existing investors Khosla Ventures and New Zealand’s K1W1.
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