Novo Holdings Invests in Recycled Chemicals Startup LanzaTech
07 August 2019 - 2:50AM
Dow Jones News
By Dieter Holger
Novo Holdings, the largest shareholder in Danish drug maker Novo
Nordisk AS (NVO), has bought a stake in recycled fuels and chemical
startup LanzaTech.
The holding company said Tuesday it had invested $72 million
during a series E funding round in the Illinois-based startup,
which recycles waste and turns it into fuels like ethanol or
polyethylene for consumer goods.
"This locks carbon into a cycle and supports a transition to a
circular economy," Novo Holdings said.
Senior Director Anders Bendsen Spohr will join the board of
LanzaTech.
"Novo Holdings' investment underlines our commitment to
supporting the bioindustrials sector and, in particular, companies
that are developing cutting-edge technology platforms," Mr. Spohr
said.
The company didn't disclose the size of its position.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
August 06, 2019 12:35 ET (16:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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