Lanzatech began trading on the Nasdaq stock exchange under the ticker symbol LNZA following a successful merger with SPAC AMCI Acquisition Corp.
The Chicago-based company's technology converts waste carbon into sustainable fuels, textiles, packaging and other products. The combined company is known as LanzaTech Global Inc., the first in the carbon capture and transformation (CCT) sector to go public in the United States.
“We are thrilled to complete this transaction, and begin this new chapter in the company’s history as we transition to a public company," stated Jennifer Holmgren, Chairwoman and CEO of LanzaTech Global, in a statement.
An estimated $240 million will fund LanzaTech's business plan through estimated cash flow breakeven in 2024. Holmgren commented existing strategic partnerships and benefits gained from the transaction will "provide a significant runway for us to drive shareholder value and execute on our mission of providing equal access to a post pollution future for all."
LanzaTech was launched in 2005, working with proprietary reactors to produce waste carbon emissions as a feedstock. It currently has three commercial facilities that use its technology and more than 1,250 related patents. The company also is focused on sustainable aviation fuel in partnership with LanzaJet and has agreements with All Nippon Airways, British Airways and Virgin Atlantic.
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.