News Release Details

IndianOil invests $20 Million in a Leading Bio-Tech company LanzaTech
New Delhi   27-Jul-2018

IndianOil believes that “Innovation”-one of its core values, is the key to being the market leader in the Energy Sector in the country. Hence, in line with its objective of investing, developing and deploying new & innovating technologies, IndianOil has recently completed an investment of US $20 Million by acquiring an equity stake in LanzaTech. This is first of its kind, investment IndianOil has done in a high-tech emerging technology.

LanzaTech a USA based leading Bio-Technology company has developed a number of technologies that produce low carbon fuels and chemicals through its patented Gas Fermentation process by using microbes that transform Carbon-rich waste gases and residues like refinery off gases, steel mill off gases etc. into valuable liquid commodities such as Ethanol, Isobutanol, and 2,3-butanediol etc.

This opportunity was evaluated by a joint team of BD-AE&SD, R&D and Corporate Strategy Group. This investment would provide IndianOil a strategic opportunity to benefit significantly through increased collaboration with LanzaTech. IndianOil’s R&D centre would get an early opportunity to leverage, utilize and integrate new LanzaTech technologies into IndianOil’s operations which may further open new dimensions of research for R&D Centre and commercialisation opportunities for IndianOil. With the investment in place, we now have our Director (R&D), Dr. S. S. V. Ramakumar on the board of LanzaTech joining other investors on the Board like Petronas, Mitsui, Khosla Ventures and others.

IndianOil is in the process of establishing a 35K MTA plant at its Panipat refinery which would convert PSA tail gases from HGU to Ethanol using the LanzaTech technology.This investment would also boost IndianOil’s aspiration to commercialize LanzaTech’s Carbon Capture and Reuse technology within IndianOil refineries thereby helping the organization achieve its target of reducing its carbon footprint by 18% from 2012 levels, in addition to generating value added chemicals.