On February 10, 2023, LanzaTech’s common stock and public
warrants expected to begin trading on Nasdaq under the ticker
symbols LNZA and LNZAW, respectively
Total transaction proceeds of approximately $240 million
expected to fund business plan through estimated cashflow breakeven
in 2024
LanzaTech Global, Inc. (“LanzaTech”), formerly known as AMCI
Acquisition Corp. II (“AMCI”), today announced the completion of
its previously announced business combination between AMCI and
LanzaTech NZ, Inc., an innovative carbon capture and transformation
(“CCT”) company that converts waste carbon into materials such as
sustainable fuels, fabrics, packaging and other products that
people use in their daily lives. LanzaTech is the first CCT company
to become public in the United States.
In connection with the closing of the business combination, AMCI
has been renamed LanzaTech Global, Inc. and on February 10, 2023
its common stock is expected to begin trading on the Nasdaq under
the ticker symbol LNZA and its public warrants are expected to
begin trading on Nasdaq under the ticker symbol LNZAW.
“LanzaTech’s revolutionary, commercially scaled technology
offering, top quality team led by Chairwoman and CEO, Jennifer
Holmgren, and visible path to rapid, profitable growth in the near
term, provided all the elements necessary for a successful
transaction in line with the original strategy we established at
the time of our founding,” stated Nimesh Patel, former CEO of AMCI
and current director of LanzaTech. “We are very excited by the
tremendous opportunities presented by LanzaTech as its CCT
technology is deployed at scale.”
“We are thrilled to complete this transaction, partnering with
Nimesh Patel and the AMCI team and take the next steps towards
accelerating the wide-spread deployment of our commercially scaled,
CCT technology and ultimately the development of the circular
carbon economy our world needs.” said Jennifer Holmgren, Chairwoman
and CEO of LanzaTech. “We believe that the completion of the
transaction and our status as a new public company will help
facilitate our ambitious growth plans and accelerate the validation
and, ultimately, the deployment of our revolutionary CCT technology
in the eyes of the market.”
Commercially Scaled Technology to Implement the Circular
Carbon Economy of Tomorrow
LanzaTech’s gas fermentation technology is designed to provide a
profitable pathway for alleviating the significant carbon problem
of heavy industry and manufacturing. Through technology and
applications that are designed to touch multiple points of carbon
use, LanzaTech believes it can offer a solution which could be a
meaningful contributor to solving the global carbon crisis.
LanzaTech’s scalable technology is designed to enable participants
in many industries to reduce their carbon footprint and overall
environmental impact in a profitable way and to help end users
replace materials made from virgin fossil resources with materials
made from recycled carbon. LanzaTech helps customers create a more
sustainable future by supporting customers’ ESG goals and helping
industries meet mandated emissions reduction targets.
Since its inception in 2005, LanzaTech has scaled proprietary
bio-reactors for its novel fuels and chemical production process,
using waste carbon emissions as a feedstock. With three commercial
facilities using its technology and over 1,250 patents covering
multiple aspects of the technology platform, LanzaTech’s vision is
to create a just energy transition for all.
LanzaTech, along with LanzaJet, Inc., a key partner focused on
the production of sustainable aviation fuel, has built a roster of
customers, partners and investors from a wide variety of industries
that range from steel producers, including ArcelorMittal, and
traditional energy companies, such as Suncor Energy and Shell, to
aviation companies including All Nippon Airways, British Airways
and Virgin Atlantic, commercially validating the technology in a
number of different applications and illustrating a high degree of
confidence and adoption across numerous industries.
LanzaTech Helping Pave the Road to Net-Zero
Using a variety of waste feedstocks, LanzaTech’s technology
platform highlights a future in which consumers are not dependent
on virgin fossil feedstocks in their daily lives. LanzaTech’s goal
is to challenge and change the way the world uses carbon, enabling
a new circular carbon economy in which carbon is reused rather than
wasted, skies and oceans are kept clean, and pollution becomes a
thing of the past.
LanzaTech’s capital-light, licensing-driven business model not
only enables LanzaTech to significantly accelerate the deployment
of its patent-protected technology, but also creates a global
opportunity unencumbered by geography. By licensing its technology
to customers, LanzaTech provides an opportunity to make significant
progress toward sustainability goals.
LanzaTech’s management believes that its commercially viable
technology has the potential to enable decarbonization in many of
the world’s most carbon intensive industries.
Continued Commercial Momentum Built During Challenging Year
for Broader Market
Since the announcement of the proposed business combination on
March 8, 2022, LanzaTech NZ, Inc has continued to make significant
strides, both commercially and technologically. Over the course of
the past year, LanzaTech NZ, Inc has achieved a number of notable
commercial wins and announced several significant technology
advancements. These include the opening of the third commercial
scale plant in China using LanzaTech NZ, Inc’s technology, as well
as several new commercial partnerships, further validating
LanzaTech NZ, Inc’s technology across a wide array of end markets
and applications. Some of the most notable developments announced
by LanzaTech NZ, Inc during 2022 include:
- Twelve and LanzaTech Partner to Create Ethanol From CO2
(March 03, 2022) – LanzaTech NZ, Inc. and carbon
transformation company Twelve announced the transformation of CO2
emissions into ethanol as part of an ongoing research and
development partnership. Eliminating fossil fuels from ethanol
production by converting CO2 to CO through Twelve’s carbon
transformation technology, and subsequently using LanzaTech NZ,
Inc.’s small Continuous Stirred Tank Reactor (CSTR) to convert CO
to ethanol, eliminates the use of feedstocks otherwise used as food
from the ethanol production process.
- Renewable Propane Partnership with SHV Energy (March 23,
2022) – LanzaTech NZ, Inc and SHV Energy announced a
strategic partnership to employ LanzaTech NZ, Inc’s CCT technology
to bring renewable propane and other sustainable fuels to the
market via existing and novel pathways.
- Bridgestone Partners with LanzaTech to Pursue End-of-Life
Tire Recycling Technologies (April 13, 2022) – The two
companies partnered to co-develop the first dedicated end-of-life
tire recycling process leveraging LanzaTech NZ, Inc’s proprietary
CCT technology and creating a pathway toward tire material
circularity and the decarbonization of new tire production.
- Method to Produce Sustainable PET Bottles from Captured
Carbon Discovered (May 26, 2022) – LanzaTech NZ, Inc and
Danone led a consortium which discovered a new route to
monoethylene glycol, (MEG), which is a key building block for
polyethylene terephthalate, resin, fibers and bottles. The
technology converts carbon emissions from steel mills or gasified
waste biomass directly into MEG.
- LanzaTech and Brookfield Form Strategic Partnership with an
Initial $500 Million Commitment (October 3, 2022) –
Funding partnership with Brookfield Renewable, and its
institutional partners to co-develop and build new commercial-scale
production plants that will employ LanzaTech’s CCT technology.
- LanzaTech Produces Ethylene from CO2 (October 11, 2022)
– Breakthrough discovery successfully engineering
specialized biocatalysts to directly produce ethylene from CO2 in a
continuous process.
- LanzaTech and Woodside Energy Announce Strategic
Collaboration (October 24, 2022) – Collaboration with
Woodside Energy in which Woodside will design, construct, own,
maintain and operate pilot facilities relating to LanzaTech’s
technologies.
- LanzaTech Announced as a Finalist for the Earthshot Prize
Awards (November 4, 2022) – Launched in 2020 by HRH
Prince William, The Earthshot Prize is the world’s most prestigious
environmental prize. Following a rigorous, 10-month selection
process, a panel of advisors with expertise in science,
conservation, innovation, investment, economics, politics and
activism selected LanzaTech from more than 1,000 nominations.
Transaction Overview
As a result of this transaction, LanzaTech has received
approximately $240 million of gross proceeds, including $185
million from a common equity PIPE anchored by accredited investors,
institutional buyers and strategic partners, including
ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui, NZ Super Fund,
Oxy Low Carbon Ventures LLC, Primetals, SHV Energy and Trafigura.
The business combination values LanzaTech at an implied pro forma
enterprise value of approximately $1.8 billion.
Proceeds from the transaction will be used to fund acceleration
in LanzaTech’s commercial operations, capital requirements
associated with development projects in which LanzaTech has chosen
to participate with partners, and continued technological
innovation. LanzaTech will continue to be based in Chicago,
Illinois and led by Dr. Jennifer Holmgren, Chairwoman and Chief
Executive Officer of LanzaTech Global, Inc., and other key members
of LanzaTech’s executive leadership.
About LanzaTech
Headquartered in Skokie, Ill., LanzaTech transforms waste carbon
into materials such as sustainable fuels, fabrics, packaging, and
other products. Using a variety of waste feedstocks, LanzaTech’s
technology platform highlights a future where consumers are not
dependent on virgin fossil feedstocks for everything in their daily
lives. LanzaTech’s goal is to challenge and change the way the
world uses carbon, enabling a new circular carbon economy where
carbon is reused rather than wasted, skies and oceans are kept
clean, and pollution becomes a thing of the past. For more
LanzaTech visit https://lanzatech.com.
About AMCI Acquisition Corp. II
AMCI Acquisition Corp. II is a blank check company formed for
the purpose of effecting a merger with a business focused on
decarbonizing the heavy industrial complex and transitioning the
global energy mix to a lower carbon footprint. AMCI's sponsor is an
affiliate of the AMCI group of companies. AMCI invests in and
operates industrial businesses focused on natural resources,
transportation, infrastructure, metals and energy, with an existing
portfolio of 20 companies located around the world. AMCI is led by
Chief Executive Officer Nimesh Patel, President Brian Beem, and
Chief Financial Officer Patrick Murphy.
Forward-Looking Statements
This press release includes forward-looking statements
regarding, among other things, the plans, strategies and prospects,
both business and financial, of LanzaTech. These statements are
based on the beliefs and assumptions of LanzaTech’s management.
Although LanzaTech believes that its plans, intentions and
expectations reflected in or suggested by these forward-looking
statements are reasonable, LanzaTech cannot assure you that it will
achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Generally, statements that are not
historical facts, including statements concerning possible or
assumed future actions, business strategies, events or results of
operations, are forward-looking statements. These statements may be
preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or similar expressions. The forward-looking statements are based on
projections prepared by, and are the responsibility of, LanzaTech’s
management. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside LanzaTech’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. New risk
factors that may affect actual results or outcomes emerge from time
to time and it is not possible to predict all such risk factors,
nor can LanzaTech assess the impact of all such risk factors on its
business, or the extent to which any factor or combination of
factors may cause actual results to differ materially from those
contained in any forward-looking statements. Forward-looking
statements are not guarantees of performance. You should not put
undue reliance on these statements, which speak only as of the date
hereof. All forward-looking statements attributable to LanzaTech or
persons acting on its behalf are expressly qualified in their
entirety by the foregoing cautionary statements. LanzaTech
undertakes no obligations to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230209005418/en/
Media Contact - LanzaTech Freya Burton, Chief
Sustainability Officer LanzatechPR@icrinc.com
Investor Relations Contact - LanzaTech Omar El-Sharkawy
VP, Corporate Development LanzatechIR@icrinc.com
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