LanzaTech, a company dedicated to turning waste carbon into materials, has announced a new funding partnership with Brookfield Renewable.
The initial 500 million dollar investment will go towards the co-development and construction of new commercial-scale production plants which will employ LanzaTech’s Carbon Capture and Transformation (CCT) technology.
The funding is to be provided through the Brookfield Global Transition Fund (BGTF), which focuses on energy transitions.
In Europe and North America, Brookfield will now also be LanzaTech’s preferred capital partner for its CCT operations.
The company also said in a release that the renewable energy firm could commit an additional 500 million dollars into the strategic partnership if the projects meet agreed milestones.
It will further invest 50 million dollars in LanzaTech’s corporate development.
Through applying the company’s carbon transformation technology, steel mills connected with LanzaTech have been able to convert emissions into the likes of clothing, fragrances and household cleaning products.
The company most recently worked with On for a shoe made of carbon emissions as a raw material.
Speaking on the new investment, BGTF’s managing partner and chief investment officer, Natalie Adomait, said: “LanzaTech’s technology provides a new way to decarbonize hard-to-abate sectors across the economy. We view this as an attractive opportunity to accelerate deployment of this technology at scale and be a partner to grow in an emerging area of infrastructure in a decarbonized economy.”