LanzaTech and Posco sign MoU
Renewable energy technology provider LanzaTech and Korean conglomerate Posco have signed a memorandum of understanding (MoU) that will see LanzaTech implement its gas fermentation technology to convert Posco's flue gases to ethanol and other value added products.
Posco is active in the steel, power, energy, engineering and construction industries. In 2010 it produced 33.7 million tonnes of crude steel.
LanzaTech uses non-food renewable resources to produce ethanol, in addition to 2,3-Butanediol (2,3-BD), a key building block used to make polymers, plastics and hydrocarbon fuels. It has investment from New Zealand-based K1W1, US company Khosla Ventures and China's Qiming Ventures, as well as funding from the New Zealand and US governments.
According to LanzaTech's chief executive Jennifer Holmgren, Posco has a reseach and development budget of 1.7% of consolidated revenue, which equated to $476 million (€347.7 million) of $28.1 billion in 2010.
'Posco's environmentally conscious policies are consistent with LanzaTech's technology vision of reducing the carbon footprint while increasing energy efficiencies at industrial facilities,' she says. 'The proposed licensing by Posco of our patented microbe and fermentation process fits with our growth strategy in Asia.'