ROSELLE, Ill.--(BUSINESS WIRE)--Clean energy technology company LanzaTech is partnering with LCY Chemical Corporation (LCY), one the world’s leading chemical companies, to identify key bio-based chemicals to produce for global fuels and chemicals markets.
Dr Jennifer Holmgren, LanzaTech’s chief executive, says the implication from the heads of agreement is LanzaTech’s technology will be able to deliver economic benefit through the entire value chain from its feedstock suppliers to distributors.
LCY, a billion dollar enterprise, is fully integrated and operates in Taiwan, China, Japan, Qatar and the United States.
With potential global revenue for bio-based chemicals and plastics forecast at US$15billion (€11.4bn) by 2020, LanzaTech is fast tracking the commercialization of its chemical production process so it can integrate in to the distribution chain.
“Bio-based chemicals are currently one per cent of global chemicals production, but that is expected to increase to nine per cent during the next 10 years,” Dr Holmgren says. “LanzaTech and LCY will produce key bio-based chemicals, creating new products and revenue streams for both companies.”
Mr Bowei Lee, CEO and Chairman of LCY, says it is a proudly strategic intellection for LCY to pursue advance technology.
“The benefits may expand far beyond the impact on company revenue in this case,” Mr Lee says. “We value this opportunity as the essential step to a future with unlimited potential as we again fulfill our promise of effectuating green technology and being a resident of global village.”
Mr Lee says LCY plans to investigate alternative bio-C2 to C5 feedstock as raw materials, replacing petroleum oil for LCY’s current portfolio of products such as TPE, PP, solvents, and methanol derivatives. LCY is also looking to further developments in bio green products including bio-plastics and bio-fuels.
LCY will fund the construction of production plants in exchange for access to LanzaTech’s technology. LanzaTech’s proprietary gas fermentation technology has been proven to produce low cost ethanol from steel mill gases and that has been extended to other industrial off gases and synthesis gas from gasification. More recently it had been shown the LanzaTech process can produce 2,3-Butanediol (2,3-BD), an oxygenate which can be used to make hydrocarbon fuels - true drop in fuels that can replace diesel, jet fuel and gasoline - and high value chemicals.
LanzaTech External Relations
Freya Burton, +64 2102309422