Carbon capture technology specialist LanzaTech has secured $500m of backing from Mark Carney-affiliated investment giant Brookfield, as part of a strategic partnership aimed at co-developing commercial plants that recycle CO2 into new commodities and products.
Announced yesterday, the funding partnership will see Brookfield Asset Management’s renewable power arm commit an initial $500m towards constructing and operating new “carbon capture and transformation” (CCT) projects that have achieved “certain pre-agreed milestones”, it said.
Following that initial investment – targeted at Europe and North America – Brookfield has also said it could commit a further $500m towards the partnership “if sufficient projects are available at the agreed milestones”, bringing total potential investment in LanzaTech to over $1bn.
Moreover, in a major vote of confidence in the potential of LanzaTech’s carbon capture and recycling technologies, Brookfield said it would invest an additional $50m in the firm to support further corporate development.
US-based LanzaTech uses