LanzaTech, a company that turns the carbon monoxide in industrial waste gas into biofuels and chemicals, has raised another $60 million from new investors including Japanese giant Mitsui, power company Siemens and China International Capital Corp. Existing investors in the round also included Khosla Ventures and the Malaysian Life Sciences Capital Fund.
The company was founded in 2005 in New Zealand (it now has U.S. headquarters in Illinois) and uses microbes and fermentation to produce its products. The genetically modified microbes eat the waste gases produced in industrial processes, like steel manufacturing and oil refining, and then produce the biofuels or chemicals. LanzaTech has been working with Chinese steel manufacturers Baosteel and Capital Steel and Chinese coal producer Yankuang Group to commercialize its technology.