China VC Firm Leads Series B Financing for
July 12, 2010 02:03 PM Eastern Daylight Time
AUCKLAND, New Zealand--(EON: Enhanced Online News)--New Zealand-based clean technology company
LanzaTech has attracted US$18M Series B financing from investors led by China focused venture capital firm
LanzaTech uses proprietary bacteria to convert industrial waste gases into fuels and chemicals. The financing follows
LanzaTech’s signing with Baosteel, China’s largest steel and iron conglomerate, and the Chinese Academy of
Sciences (CAS) to commercialize its technologies for producing ethanol from steel mill off gases.
Gary Rieschel, Founder and Managing Director of Qiming, says LanzaTech represents a great opportunity for
“The significance of its technology means that fuel can be produced with no impact on food supply or land use,” he
says. “Using industrial waste gases curbs GHG emissions and so maintains manufacturing sustainability in China.”
Qiming Ventures has been joined by Softbank China Venture Capital and two existing investors from the Series A
round, Khosla Ventures in the USA and New Zealand based K1W1. Vinod Khosla says LanzaTech has
demonstrated a process that allows the use of a broad spectrum of waste gas resources. Non food resources such
as industrial waste gas, syngas from biomass and reformed natural gas can become a resource for high volume fuels
“It is exciting how some imagination and creativity can take a wide variety of industrial off gases and potentially other
pollution and efficiently turn it into high value biofuels and bio chemicals,” Mr Khosla says.
Since the Series A funding in 2007, LanzaTech has proven its process using unconditioned ‘dirty’ gas streams
directly from a NZ Steel mill in Auckland to make fuel ethanol. Dr Sean Simpson, co founder of LanzaTech, says the
funding will enable LanzaTech to further accelerate commercialization of its process.
“We plan to have a pre-commercial plant operational in 201