LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the
“Company”), the carbon recycling company transforming waste carbon
into sustainable fuels, chemicals, and materials, today announced
an increase in its holdings of LanzaJet, Inc. (“LanzaJet”), a
leading sustainable aviation fuel technology provider and fuels
producer.
This ownership increase is in accordance with a previously
signed agreement which allows LanzaJet to further sublicense the
Alcohol-to-Jet (“ATJ”) technology originally developed by LanzaTech
in collaboration with the Pacific Northwest National Lab and the
U.S. Department of Energy, which enables the conversion of ethanol
to sustainable aviation fuel, or “SAF”, in exchange for additional
equity issued to LanzaTech.
On June 18, 2024, LanzaTech received the first of what is
anticipated to be a total of three tranches of LanzaJet common
stock, which are projected in the aggregate to more than double the
Company’s ownership percentage in LanzaJet. This first issuance of
common stock, which increases LanzaTech’s ownership in LanzaJet to
approximately 36% from approximately 23%, is a result of LanzaJet’s
signed license and engineering agreement with Jet Zero Australia.
Jet Zero Australia is developing Australia’s first ethanol to
sustainable aviation fuel plant, and LanzaJet’s Freedom Pines
Fuels, located in Soperton, Georgia, is the reference plant for the
project.
As LanzaJet scales its global deployment and seeks to further
sublicense the ATJ technology, LanzaTech’s interest in LanzaJet is
also expected to further increase, with the second and third equity
issuances projected to bring LanzaTech’s ownership in LanzaJet to
approximately 46% and 53%, respectively, over the next 12 to 18
months, depending on the pace of project development and the
deployment of LanzaJet’s ATJ technology, among other factors.
LanzaTech and LanzaJet are actively collaborating on several
projects whereby LanzaJet will take ethanol from LanzaTech’s
proprietary waste-to-ethanol biorefining platform and convert it to
drop-in SAF using its proprietary, leading ATJ technology. The SAF
produced through this process can reduce aviation emissions by a
minimum of 85%, depending on the technology and feedstock
selection, among other factors. The pipeline of opportunities that
exists for these types of collaborative biofuel solutions is
expected to be a key pathway for LanzaJet to license its technology
with the potential to expedite the second and third tranches of
shares expected to be issued to LanzaTech.
“First and foremost, I want to congratulate the LanzaJet team
for making such great progress in accelerating the decarbonization
of the aviation industry globally,” said Dr. Jennifer Holmgren, CEO
and Board Chairperson of LanzaTech and Board Chairperson of
LanzaJet. “From the LanzaTech side, today’s announcement represents
the execution of the first step of a plan we put in place for the
commercialization of the ATJ process when we spun LanzaJet out into
its own business four years ago. It’s very exciting to realize
immediate, meaningful value creation for LanzaTech stockholders
with this transaction. LanzaTech’s increased ownership in LanzaJet
comes at a pivotal time, when the global aviation industry’s
significant and growing demand pull for SAF is undeniable, and the
opportunity set for what our two companies can deliver seems almost
limitless. LanzaTech and LanzaJet are better positioned than ever
to successfully deliver on a robust pipeline of projects, which is
expected to pave an increasingly visible path to profitability and
free cash flow generation for both companies.”
Accounting Impact of Transaction
The Company’s interest in LanzaJet is accounted for under the
equity method of accounting, with income (loss) from equity method
investments, net, including gain on dilution, recognized in the
Company’s consolidated statements of operations and comprehensive
loss and equity method investments recognized on the Company’s
consolidated balance sheet.
About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling
company transforming waste carbon into sustainable raw materials
for everyday products. Using its biorecycling technology, LanzaTech
captures carbon generated by energy-intensive industries at the
source, preventing it from being emitted into the air. LanzaTech
then gives that captured carbon a new life as a clean replacement
for virgin fossil carbon in everything from household cleaners and
clothing fibers to packaging and fuels. By partnering with
companies across the global supply chain like ArcelorMittal, Zara,
H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way
for a circular carbon economy.
About LanzaJet
LanzaJet is a leading sustainable fuels technology company
dedicated to accelerating the clean energy transition. As a
Sustainable Aviation Fuel (SAF) technology provider and producer
with patented ethanol-based alcohol-to-jet (ATJ) technology,
LanzaJet is creating an opportunity for future generations by
accelerating the deployment of SAF and other clean technologies
critical to addressing the climate crisis and transforming the
global economy.
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, including but not limited to the expected benefits from
our investment in LanzaJet, LanzaJet’s ability to scale its
sustainable fuels solutions and our expectation around
profitability and free cashflow generation, 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. LanzaTech may be
adversely affected by other economic, business, or competitive
factors, and other risks and uncertainties, including those
described under the header “Risk Factors” in its Annual Report on
Form 10-K for the year ended December 31, 2023, and its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024, and in
future SEC filings. 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.
Contacts
LanzaTechInvestor RelationsKate WalshVP,
Investor Relations & TaxInvestor.Relations@lanzatech.com
MediaKit McDonnellDirector of
Communicationspress@lanzatech.com
LanzaJet MediaMeg WhittyVP, Corporate Relations
and Marketing meg.whitty@lanzajet.com
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