Cleantech firm LanzaTech has raised $60 million in its fourth funding round to clean up the toxic gas emissions from the world's factories, according to VentureBeat.

The Series D financing, which brings LanzaTech's total raised capital to $150 million, was led by Mitsui & Co Ltd. Andrew Chung of Khosla Ventures also contributed to the funding, the report detailed.

Chung said of LanzaTech's gas conversion technology: "This has the potential to eliminate the world's smokestacks. What LanzaTech is able to do is convert smoke from gas- and coal-fired plants into valuable chemicals and fuels on site. LanzaTech accomplishes two things: one, ridding the world of toxic gasses, and two, creating renewable fuel economically."

The Illinois-based company converts toxic gas emissions from factories into renewable fuel that can be used to produce nylon, rubber, and other kinds of plastics. This process helps companies skip the expensive step of shipping their waste to a third-party converter, VentureBeat reported.