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Posco and LanzaTech to Collaborate on Renewable Energy
02/21/2011 - Posco has signed a memorandum of understanding with LanzaTech for implementation of gas fermentation technology to convert the steelmaker’s flue gases to ethanol and other value-added products.
Posco has signed a memorandum of understanding with LanzaTech for implementation of gas fermentation technology to convert the steelmaker’s flue gases to ethanol and other value-added products.
LanzaTech uses nonfood renewable resources to produce ethanol and also 2,3-Butanediol (2,3-BD), a key building block used to make polymers, plastics and hydrocarbon fuels. It has investment from K1W1 (New Zealand), Khosla Ventures (US) and Qiming Ventures (China) as well as funding from the New Zealand and U.S. governments.
LanzaTech chief executive Jennifer Holmgren says her team is delighted to have the opportunity to partner in technology with Posco, which has a research and development budget of 1.7% of consolidated revenue, which equated to US$476 million of US$28.1 billion in 2010.
“Posco’s environmentally conscious policies are consistent with LanzaTech’s technology vision of reducing the carbon footprint while increasing energy efficiencies at industrial facilities,” said Holmgren. “The proposed licensing by Posco of our patented microbe and fermentation process fits with our growth strategy in Asia.”
Noi-Ha Cho, Posco’s Chief Technology Officer, says gas fermentation technology creates more value from by-products of the steel process. “It provides a new way to produce green energy and it will also contribute to reducing CO2 in steel plants,” he said.
LanzaTech, founded in 2005, has offices in New Zealand, the United States and China. It is collaborating on projects in the steel, coal, oil, chemicals and syngas sectors in those countries as well as India and Korea.
