Brookfield’s global energy transition fund is investing an initial $500m (€510.5m) in carbon capture and transformation (CCT) projects via a partnership with LanzaTech NZ.
Brookfield Renewable, investing on behalf of the Brookfield Global Transition Fund (BGTF) I fund has partnered with LanzaTech to co-develop and build new commercial-scale production plants.
LanzaTech is a CCT company that transforms waste carbon into materials such as sustainable fuels, fabrics, packaging, and other products that people use in their daily lives.
LanzaTech said Brookfield will be its preferred capital partner for CCT opportunities in Europe and North America and following initial investments totalling $500m, Brookfield could commit to making an additional $500m available. Brookfield will also invest $50m in LanzaTech to support further corporate development.
Natalie Adomait, managing partner and CIO of BGTF, 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.”
Jennifer Holmgren, CEO of LanzaTech, said: “Creating a new carbon economy will require new ways of financing technology scale-up and deployment.
“We are excited to partner with Brookfield to accelerate deployment and achieve exponential growth. Together, we have the potential to target significant commodity markets and keep fossil resources in the ground.”
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