Leading life science investor Novo Holdings has invested $72 million (€64.2 million) in carbon recycling company LanzaTech to support the development of its sustainable fuels and chemicals platform.
The financing was Novo Holdings’ fourth investment within the growth equity area so far in 2019. These investments enable the firm to support companies that are at the forefront of transformative technologies.
LanzaTech captures carbon monoxide from waste gas streams of industrial factories such as steel mills and recycles it in the form of biofuels and biogases. The company also converts biomass from unsorted household waste into sustainable aviation fuel.
When a product has reached the end of its ‘useful life’, it can go unsorted and uncleaned to a LanzaTech facility to be recycled without losing any of its original properties.
Nova Holdings’ investment will help to expand LanzaTech’s carbon recycling platform. The innovative company sees carbon as a feedstock opportunity, with the potential to displace 30% of crude oil use today and reduce global carbon dioxide emissions by 10%.
Through recycling carbon from industrial off-gases, syngas generated from any biomass resource and reformed biogas, LanzaTech supports the reduction of emissions for a circular carbon economy.