Venture Capital: Brookfield To Invest $500M In New Plants Based On Carbon Recycler LanzaTech’s Technology
Brookfield Renewable and LanzaTech will co-develop and build new commercial-scale production plants that will employ LanzaTech’s CCT technology, which transforms captured carbon into valuable raw material commodities.
LanzaTech, a carbon recycling startup that transforms waste carbon into materials such as sustainable fuels, fabrics, packaging, and other products that people use in their daily lives, has entered a $500 million funding partnership with Brookfield Renewable and its institutional partners.
To be provided through the Brookfield Global Transition Fund (BGTF), the funding will be used to co-develop and build new commercial-scale production plants that will employ LanzaTech’s CCT technology. The initial funding of $500 million could be followed by an additional investment of $500 million. (HYDROCARBON ENGINEERING)
Brookfield will also invest US$50 million in LanzaTech to support further corporate development.
LanzaTech’s technology utilizes a bio-catalyst to transform emissions into fuels and chemicals. Through application of their technology, steel mill emissions have been converted into sustainable aviation fuel (SAF), clothing ranges, laundry detergent, household cleaner and fine fragrances.
“Creating a new carbon economy will require new ways of financing technology scale-up and deployment,” said Jennifer Holmgren, CEO of LanzaTech. “We are excited to partner with Brookfield to accelerate deployment and achieve exponential growth. Together, we have the potential to target significant commodity markets and keep fossil resources in the ground. Each additional plant deployed has the potential to keep the equivalent of around 100 000 tpy of carbon from the atmosphere. This is the new carbon economy in action!”
Related Story: Twelve Raises $130M For World’s First Carbon Transformation Platform
Photo by Jasmin Sessler on Unsplash
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