LanzaTech gets $72 million boost from Novo Holdings for biofuel tech
Next generation fuels producer LanzaTech has partnered with Novo Holdings to advance its sustainable fuels and chemicals platform. Novo Holdings will make a $72 million (€64.3 million) investment in the company in a Series E financing.
The transaction, which will also see Novo’s senior director Anders Bendsen Spohr join LanzaTech’s board of directors, highlights Novo’s focus on investing in bio-industrial companies making a long-term sustainable impact through innovative technologies.
LanzaTech’s technology recycles pollution, which eliminates single-use carbon. In China, for example, the technology is being used to convert emissions from steel mills into ethanol and sustainable aviation fuel.
The new investment will be used to expand LanzaTech’s carbon recycling platform, enabling the company to accelerate the commercialisation of its Carbon Smart™ products.
“LanzaTech is addressing our collective need for sustainable fuels and materials, enabling industrial players to be part of building a truly circular economy,” commented Spohr. “Novo Holdings’ investment underlines our commitment to supporting the bio-industrials sector and, in particular, companies that are developing cutting-edge technology platforms. We are excited to work with the LanzaTech team and look forward to supporting the company in its next phase of growth.”
LanzaTech’s CEO Jennifer Holmgren added: “We are delighted with the investment from Novo Holdings, a visionary company and team focused on creating long-term value while making a positive impact. This comes at a critical time for the health of our planet. We no longer need to debate whether climate change is real. We need to mobilise all sustainable solutions to create a future free of carbon pollution. Novo Holdings’ investment and experience in the industrial biotechnology space, will allow LanzaTech to continue to create a Carbon Smart world, with clean blue skies and blue oceans for all.”
The transaction, which will also see Novo’s senior director Anders Bendsen Spohr join LanzaTech’s board of directors, highlights Novo’s focus on investing in bio-industrial companies making a long-term sustainable impact through innovative technologies.
LanzaTech’s technology recycles pollution, which eliminates single-use carbon. In China, for example, the technology is being used to convert emissions from steel mills into ethanol and sustainable aviation fuel.
The new investment will be used to expand LanzaTech’s carbon recycling platform, enabling the company to accelerate the commercialisation of its Carbon Smart™ products.
“LanzaTech is addressing our collective need for sustainable fuels and materials, enabling industrial players to be part of building a truly circular economy,” commented Spohr. “Novo Holdings’ investment underlines our commitment to supporting the bio-industrials sector and, in particular, companies that are developing cutting-edge technology platforms. We are excited to work with the LanzaTech team and look forward to supporting the company in its next phase of growth.”
LanzaTech’s CEO Jennifer Holmgren added: “We are delighted with the investment from Novo Holdings, a visionary company and team focused on creating long-term value while making a positive impact. This comes at a critical time for the health of our planet. We no longer need to debate whether climate change is real. We need to mobilise all sustainable solutions to create a future free of carbon pollution. Novo Holdings’ investment and experience in the industrial biotechnology space, will allow LanzaTech to continue to create a Carbon Smart world, with clean blue skies and blue oceans for all.”
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