LanzaTech to get USD-72m cash boost from Novo Holdings

Ethanol produced from steel mill emissions. Source: LanzaTech (www.lanzatech.com).

August 9 (Renewables Now) - Next-generation fuels producer LanzaTech will get a USD-72-million (EUR 64.3m) cash injection from Denmark’s Novo Holdings A/S, enabling it to expand its carbon recycling platform and speed up the commercialisation of its sustainable products.

LanzaTech’s technology eliminates single-use carbon. Through the particular technology, the company converts unrecyclable waste and emissions into ethanol, sustainable aviation fuel or polyethylene. It also offers the so-called Carbon Smart products, where consumers can choose whether they get recycled carbon or fossil carbon in their products.

Novo Holdings’ investment is part of a Series E financing, details on which were not disclosed. Novo’ senior director Anders Bendsen Spohr will be joining LanzaTech’s board of directors.

LanzaTech was founded in New Zealand and is based in Illinois, US.

(USD 1.0 = EUR 0.893)

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