LanzaTech NZ Ltd Secures Series A Funding From Khosla Ventures for Ethanol Production From Carbon Monoxide in Waste Gases

Apr 24, 2007, 01:00 ET from LanzaTech NZ Ltd

    AUCKLAND, New Zealand, April 24 /PRNewswire/ -- LanzaTech, the leader
 in technology using bacterial fermentation to convert carbon monoxide into
 ethanol, today officially announced it has secured US$3.5M in Series A
 funding, led by Khosla Ventures and supported by two existing New Zealand
 based investors. This funding will support further technology development,
 establishing a pilot plant, engineering work to prepare for
 commercial-scale ethanol production and positions the company to raise
 significant capital in the near future. This technology could produce 50
 billion gallons of ethanol from the world's steel mills alone, turning the
 liability of carbon emissions into valuable fuels worth over $50 billion
 per year at very low costs and adding substantial value to the steel
 industry. The technology will also be a key contributor to the cellulosic
 biofuels business as it can convert syngas produced through gasification
 into ethanol.
     "We have proven in our laboratories that the carbon monoxide in
 industrial waste gases such as those generated during steel manufacture can
 be processed by bacterial fermentation to produce ethanol. Garnering the
 financial and strategic support of Khosla Ventures is a significant
 validation of our approach, and we welcome Khosla Ventures Chief Scientific
 Officer, Dr. Doug Cameron, to our Board of Directors," said Dr. Sean
 Simpson, Chief Scientist and Founder of LanzaTech.
     Vinod Khosla commented, "technology to produce fuel ethanol from waste
 material, such as the carbon monoxide produced in steel manufacture and
 other industries, makes use of a low cost and plentiful point source carbon
 feedstock. The opportunity is a large one as carbon monoxide is a
 significant by-product of steel manufacture. LanzaTech has developed
 technology and a process to cost-effectively convert carbon monoxide into
 ethanol -- this ground breaking technology provides the tools to address
 the challenge of reducing emissions and turns waste into a valuable
 product, while developing new businesses based on innovative science."
     LanzaTech was co-founded in 2005 by Dr. Richard Forster and Dr. Sean
 Simpson, who both have many years of experience in biotechnology and
 biofuels. The company is aggressively pursuing the development of advanced
 gas to ethanol technologies based on work developed in its laboratories in
 Auckland, New Zealand. As part of its two-pronged strategy of technology
 development and deployment, LanzaTech has sought international patent
 protection for its ethanol production process and is forming partnerships
 to commercialize its technologies and processes.
     About Khosla Ventures
     Khosla Ventures offers venture assistance, strategic advice and capital
 to entrepreneurs. The firm helps entrepreneurs extend the potential of
 their ideas in both traditional venture areas like the Internet, computing,
 mobile, and silicon technology arenas but also supports breakthrough
 scientific work in clean technology areas such as bio-refineries for energy
 and bioplastics, solar, battery and other environmentally friendly
 technologies. Vinod Khosla was formerly a General Partner at Kleiner
 Perkins and founder of Sun Microsystems. Vinod has been labeled the #1 VC
 by Forbes, and Fortune recently labeled him as one the nation's most
 influential ethanol advocates, noting "there are venture capitalists, and
 there's Vinod Khosla." Vinod Khosla founded the firm in 2004 and was joined
 by partners David Weiden and Samir Kaul, as well as chief scientific
 officer Doug Cameron in 2006. Khosla Ventures is based in Menlo Park,
 California.
     About LanzaTech
     LanzaTech is a gas-to-ethanol company which is leading the development
 of unique biotechnology solutions for the production of bio-fuel. Initial
 activities are focused on strategic partnerships for the conversion of
 waste industrial gases into ethanol.
 
 

SOURCE LanzaTech NZ Ltd
    AUCKLAND, New Zealand, April 24 /PRNewswire/ -- LanzaTech, the leader
 in technology using bacterial fermentation to convert carbon monoxide into
 ethanol, today officially announced it has secured US$3.5M in Series A
 funding, led by Khosla Ventures and supported by two existing New Zealand
 based investors. This funding will support further technology development,
 establishing a pilot plant, engineering work to prepare for
 commercial-scale ethanol production and positions the company to raise
 significant capital in the near future. This technology could produce 50
 billion gallons of ethanol from the world's steel mills alone, turning the
 liability of carbon emissions into valuable fuels worth over $50 billion
 per year at very low costs and adding substantial value to the steel
 industry. The technology will also be a key contributor to the cellulosic
 biofuels business as it can convert syngas produced through gasification
 into ethanol.
     "We have proven in our laboratories that the carbon monoxide in
 industrial waste gases such as those generated during steel manufacture can
 be processed by bacterial fermentation to produce ethanol. Garnering the
 financial and strategic support of Khosla Ventures is a significant
 validation of our approach, and we welcome Khosla Ventures Chief Scientific
 Officer, Dr. Doug Cameron, to our Board of Directors," said Dr. Sean
 Simpson, Chief Scientist and Founder of LanzaTech.
     Vinod Khosla commented, "technology to produce fuel ethanol from waste
 material, such as the carbon monoxide produced in steel manufacture and
 other industries, makes use of a low cost and plentiful point source carbon
 feedstock. The opportunity is a large one as carbon monoxide is a
 significant by-product of steel manufacture. LanzaTech has developed
 technology and a process to cost-effectively convert carbon monoxide into
 ethanol -- this ground breaking technology provides the tools to address
 the challenge of reducing emissions and turns waste into a valuable
 product, while developing new businesses based on innovative science."
     LanzaTech was co-founded in 2005 by Dr. Richard Forster and Dr. Sean
 Simpson, who both have many years of experience in biotechnology and
 biofuels. The company is aggressively pursuing the development of advanced
 gas to ethanol technologies based on work developed in its laboratories in
 Auckland, New Zealand. As part of its two-pronged strategy of technology
 development and deployment, LanzaTech has sought international patent
 protection for its ethanol production process and is forming partnerships
 to commercialize its technologies and processes.
     About Khosla Ventures
     Khosla Ventures offers venture assistance, strategic advice and capital
 to entrepreneurs. The firm helps entrepreneurs extend the potential of
 their ideas in both traditional venture areas like the Internet, computing,
 mobile, and silicon technology arenas but also supports breakthrough
 scientific work in clean technology areas such as bio-refineries for energy
 and bioplastics, solar, battery and other environmentally friendly
 technologies. Vinod Khosla was formerly a General Partner at Kleiner
 Perkins and founder of Sun Microsystems. Vinod has been labeled the #1 VC
 by Forbes, and Fortune recently labeled him as one the nation's most
 influential ethanol advocates, noting "there are venture capitalists, and
 there's Vinod Khosla." Vinod Khosla founded the firm in 2004 and was joined
 by partners David Weiden and Samir Kaul, as well as chief scientific
 officer Doug Cameron in 2006. Khosla Ventures is based in Menlo Park,
 California.
     About LanzaTech
     LanzaTech is a gas-to-ethanol company which is leading the development
 of unique biotechnology solutions for the production of bio-fuel. Initial
 activities are focused on strategic partnerships for the conversion of
 waste industrial gases into ethanol.
 
 SOURCE LanzaTech NZ Ltd