The company is planning to raise the funds through its venture capital and strategic investors in 2013. It is working in collaboration with Baosteel Group and Shougang Group in China to process emissions from their steel plants to make ethanol for vehicles.
LanzaTech NZ chief executive officer Jennifer Holmgren told Bloomberg that the company is mulling initial share sale to raise the funds after the plant begins operations in 2015.
"We started our business development in China because it has 60 percent of the world’s steel industry.
"We have relationships with steel mills in India and Korea but in terms of moving those to commercial projects I would say they’re at least six to 12 months behind," added Holmgren.
Meanwhile, the plant planned for Baosteel will have annual production capacity of 1-12 million gallons, while the one for Shougang will have about 25 million gallons a year.
