|By Business Wire||
|October 14, 2012 11:30 PM EDT||
LanzaTech, a producer of low-carbon fuels and chemicals from waste gases, and PETRONAS, the national oil company of Malaysia will work together to accelerate the development and commercialization of technologies to produce sustainable chemicals from carbon dioxide (CO2) and natural gas.
The agreement blends Petronas' deep experience and assets in the petroleum industry with LanzaTech's gas fermentation technology to create an economical and sustainable source of high value chemicals.
LanzaTech's proprietary fermentation process converts carbon monoxide (CO) in industrial waste gases, reformed natural gas and gas derived from any biomass source, into low carbon fuels and chemicals.
LanzaTech and PETRONAS will work together to extend this technology to include carbon dioxide (CO2) containing gases from a variety of sources including refinery off gases and natural gas wells to produce acetic acid, a high value chemical with applications in the polymers and plastics markets.
"PETRONAS and LanzaTech have the ability to significantly impact the future of carbon capture by fundamentally changing the way we deal with waste CO2," said LanzaTech CEO, Jennifer Holmgren. "Rather than trying to sequester carbon deep into the earth, we will 'bury' it in a chemical. In this way, companies can not only comply with emissions reduction requirements, but also generate revenue along the way."
The joint development agreement (JDA) builds on the relationship between the two companies established earlier this year when PETRONAS Technology Ventures SdnBhd (PTVSB), the venture arm of PETRONAS, invested in LanzaTech's Series C round.
"We invested in LanzaTech because we saw an opportunity for PETRONAS to benefit from the integration of LanzaTech's technology in multiple areas of our business," said Haida Shenny Hazri, CEO of PTVSB. "This is a natural extension of LanzaTech's core gas fermentation technology and it is a natural fit with Petronas' commitment to achieving a sustainable future for all."
PETRONAS is the national oil and gas company of Malaysia and is wholly-owned by the Government of Malaysia. Together with its subsidiaries and associated companies, PETRONAS, a FORTUNE Global 500® company, has fully integrated oil and gas operations in a broad spectrum of the oil and gas value-chain. Its business activities include (i) the exploration, development and production of crude oil and natural gas in Malaysia and overseas; (ii) the liquefaction, sale and transportation of LNG; (iii) the processing and transmission of natural gas and the sale of natural gas products; (iv) the refining and marketing of petroleum products; (v) the manufacture and sale of petrochemical products; (vi) the trading of crude oil, petroleum products and petrochemical products; and (vii) shipping and logistics relating to LNG, crude oil and petroleum products. More information is available at: http://www.petronas.com.my.
LanzaTech is a leader in gas fermentation technology. It provides novel and economic routes to fuels and high value chemicals from waste gas streams. LanzaTech's unique process provides a sustainable pathway to produce platform chemicals that serve as building blocks to products that have become indispensable in our lives such as rubber, plastics, synthetic fibers and fuels.
LanzaTech's technology solutions mitigate carbon emissions from industry without impacting adversely food or land security.
Currently operating a pre-commercial facility in China using steel mill off gases for ethanol production, LanzaTech, a company founded in New Zealand is now a global organization with full commercial operation targeted for 2013.
More information is available at www.lanzatech.com