LanzaTech, a US-headquartered company which extracts low carbon fuel from waste resources, closed a $55.8m series C round on Monday from investors including oil and gas corporation Petronas, which invested through its Petronas Technology Ventures corporate venturing unit, and the Dialog Group, a company providing technical services to the oil, gas and petrochemical industry.
The round was led by the Malaysian Life Sciences Capital Fund, a venture fund jointly managed by the Malaysian government and financial services firm Burrill & Company.
Also participating in the latest funding round were venture capital firms Khosla Ventures and QiMing Venture Partners, and investment firm K1W1. The overall amount raised by LanzaTech now stands at $85m.
Founded in New Zealand in 2005, LanzaTech uses a fermentation process to convert waste gases into fuel. The latest round of capital will be used by LanzaTech to develop integrated biorefineries capable of producing not only fuel but low carbon chemicals as well.
Jennifer Holmgren, chief executive officer of LanzaTech, said: "The size of this round and the quality of the new and returning investors is a strong validation of not only our technology, but the unparalleled opportunity for LanzaTech to be a global leader in biofuels and biochemicals markets."
LanzaTech is currently working in partnership with several large companies on projects involving the recycling of waste energy, including ongoing projects in the US, China and India.
Chan Yew Kai, chief operating officer of Dialog Group, said: "Biofuels will contribute to a significant portion of the energy supply in the future. Lanzatech’s environmentally friendly fermentation technology using microbes to convert industrial waste gases to biofuel and other chemical products provides DIALOG Group the ideal platform to be part of this exciting business sector."