LanzaTech plans Nasdaq launch

Chicago-based carbon capture and transformation (CCT) firm LanzaTech has announced plans to launch on the Nasdaq. This follows an agreed to combine through a business combination transaction with AMCI Acquisition, a special purpose acquisition company. Closing is expected in Q3, subject to approval by stockholders on both sides.

The deal values LanzaTech at an implied $1.8 billion pro forma enterprise value. It is expected to receive gross proceeds of about $275 million, comprising AMCI’s $150 million of cash held in trust and a committed common equity PIPE of about $125 million by investors including BASF, Mitsui and financial investors. The proceeds are expected to fund acceleration in LanzaTech’s commercial operations, capital requirements associated with development projects in which it participates and continued technological innovation.

LanzaTech will remain based in Chicago and led by CEO Dr Jennifer Holmgren. Other key members of the executive leadership team will also remain in place. Founded in 2005, LanzaTech has developed gas fermentation technology for CCT from a variety of waste feedstocks, which has licensed out to make materials for multiple industries. In 2020, it span out a new company called LanzaJet to scale up the production of sustainable aviation fuel. To date, its customers and partners have committed around $800 million in the development of new facilities using LanzaTech’s technology, including two commercially operating plants and seven under construction.