New investment earmarked for New Zealand biofuel boost

LanzaTech, a New Zealand-based biofuels developer, has secured new multi-million dollar funding from a Silicon Valley, US investment firm.

LanzaTech has been developing technology that converts industrial waste gases into chemicals, including ethanol for biofuels.

It says the NZD 18.3 million ($15 million) fund will be used to boost the company’s research and development programme.

The new investment brings LanzaTech’s total capital raised to date to more than NZD 121 million and CEO Jennifer Holmgren says the company would ‘continue investing in research and development to accelerate the commercialisation of our integrated fuels and chemicals platform’.