Biotech Based Startup LanzaTech Partners With Novo Holdings

by StartupWorld Staff         

The Illinois-based startup Lanzatech has reportedly raised $72 million in its Series E round of funding from Novo Holdings, a renowned Danish biotechnology investment firm.

Lanzatech had been working on carbon capture technology to turn carbon-based pollutants into ethanol that can be used as fuel and in chemicals. Through this new partnership, the company can access the technology available with Novozymes, a subsidiary of Novo Holdings to expand its line of products beyond ethanol.

“We are learning how to modify our organisms so they can make things other than ethanol directly,” stated Jennifer Holmgren, CEO of LanzaTech.

Launched in 2005 by Richard Froster and Sean Simpson, the startup gained a spot twice in CNBC’s list of most disruptive companies and was named in Fast Company’s annual list of most innovative companies.

Relocated from New Zealand in 2014, Lanzatech has partnered with several prominent companies over the past a few years. The company operates a manufacturing facility in China attached to the Shouhang Group’s steel plant, producing ethanol out of plant emissions.

Lanzatech To Partner With Novo Holdings

Lanzatech has also partnered with Indian Oil, Virgin airlines in the UK, and ANA airlines in Japan to manufacture ethanol-based fuel that can be used for commercial jets.

The construction of a manufacturing facility in Europe is also under progress. The company also plans to use non-recyclable to manufacture ethanol and polyethylene for making nylon fabrics.

Anders Bendsen Spohr, Senior Director at Novo Holdings, expressed her excitement regarding the partnership and stated that the investment underlined the firm’s commitment to supporting the bio-industrial sector and companies that develop cutting-edge technology platforms.

Solugen, a biotechnology startup, focused on commercializing the bio-production of hydrogen peroxide draws attention from LanzaTech. With the exponential increase in global warming and emission of greenhouse gases, it is welcoming to see startups taking the centerstage to solve the global crisis.

In Holmer’s own words, “It’s going to get much much worse if we don't do anything.”


129 Reviews

Your rate 3 stars is recorded

About Author

StartupWorld Staff

StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.

Comments ()

Leave a Comment