New Zealand-based clean-energy company LanzaTech has signed a memorandum of understanding (MoU) with South Korean steel giant POSCO covering the implementation of its gas fermentation technology to convert the steelmaker's flue gases to ethanol and other value-added products.
LanzaTech's CE Jennifer Holmgren said her team is delighted to have the opportunity to partner in technology with POSCO, which has a research and development budget of 1.7 percent of consolidated revenue, equal to $476 million of $28.1 billion in 2010.
Noi-Ha Cho, chief technology officer of POSCO, said gas fermentation technology creates more value from by-products of the steel production process. "It provides a new way to produce green energy and it will also contribute to reducing CO2 in steel plants," he said.