Fuels Firm LanzaTech Raises $18 Million

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.