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LanzaTech Gets Malaysia Investors for Waste Gas-to-Fuel Process

LanzaTech NZ Ltd., a closely held developer of transportation fuels and chemicals from waste industrial gases, completed its third venture funding round and may begin preparations for an initial share sale later this year, according to chief executive officer Jennifer Holmgren.

The company’s $55.8 million Series C financing round was led by the Malaysian Life Sciences Capital Fund LP, and proceeds will fund development of new chemicals, LanzaTech said in an e-mailed statement. The chemicals it’s working on can be used to make rubber, paints and other products or processed into hydrocarbon fuels such as gasoline, diesel and jet fuel, Holmgren said in a telephone interview.

LanzaTech has joint ventures with Baosteel Group Corp., China’s largest steel manufacturer, and Shougang Group, the fourth-largest, to develop projects at their mills to make ethanol from flue gases. Baosteel funded a project at one of its mills near Shanghai to produce 100,000 gallons a year, and LanzaTech may consider an IPO after it enters operation later this year, according to Holmgren.

“It’s reasonable to say that we’re looking at the market,” Holmgren said. “I think we’ll be in a very good position later on this year after the demo proves out to really start thinking about when we want to IPO,” she said.

Indian Oil Corp., LCY Chemical Corp., Posco, Mitsui & Co., and Harsco Corp. are also exploring the use of LanzaTech’s technology, according to Holmgren. The company’s technology uses proprietary microorganisms to convert carbon monoxide-containing gases from steel mills, oil refineries and chemical plants into fuels and chemicals.

The venture unit of Malaysia’s state oil company, Petroliam Nasional Bhd, and Dialog Group Bhd also were new investors in the funding round and were jointed by existing backers Khosla Ventures, Qiming Venture Partners LP, and K1W1.

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