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Announces intention to exit and form a joint growth venture for LanzaX, the Company’s separate synthetic biology platform, and Tharsis Capital joins as LanzaX’s new strategic partner to accelerate financing for the pipeline synbio improvement.
Appoints New Interim Chief Financial Officer of LanzaTech to drive growth priorities for biorefining platform and increase focus on cost reduction.
CHICAGO, Jan. 21, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (LanzaTech or the Company), a renewable carbon company that turns waste into sustainable fuels, chemicals, materials and protein, today announced its intention to create LanzaX, a unit of a business dedicated to its synthetic biology platform. LanzaTech intends to launch LanzaX in its core biorefining business as a joint venture with Tharsis Capital LLC (Tharsis Capital) in the coming months. The Company also announced the appointment of Mr. Justin Pugh as LanzaTech’s Interim Chief Financial Officer, succeeding Mr. Geoff Trukenbrod, effective immediately.
LanzaTech Strategic Joint Venture and Launch of LanzaX Spin-Out
The establishment and movement of LanzaX, consisting of the Company’s synthetic biology platform and engineering platform (synbio) and associated personnel, is a strategy aimed at accelerating the development of the project, while helping to focus strongly on priorities for growth. of the Company’s core biorefining operations, including its Sustainable Aviation Fuels (SAF) projects.
In connection with the establishment of LanzaX, LanzaTech entered into an agreement with Tharsis Capital, a New York capital and advisory firm focused on operations, including practices related to bioenergy, biomaterials and chemicals. hale, LanzaX’s production proposal and help evaluate potential investment opportunities for this business unit.
The strategic move will enable LanzaX to obtain the capital needed to accelerate the development of its strong pipeline of existing projects, including acetone, isopropanol and premium products, with general customers. global firms, leading brands, and universities. LanzaTech will contribute many existing synbio contracts and a portfolio of more than 100 demonstrated molecules to LanzaX, which will leverage LanzaTech’s proven commercial experience in growing ethanol production to enhance molecules. draw new ones quickly. By its very nature, the production of new biologically active molecules will also facilitate the use of existing commercial tools, speeding the way to scale up these new chemicals.
In addition to enhancing LanzaTech’s gas-boiling capabilities through the LanzaX spin-out, the Company expects to reduce its cost structure by approximately $8 million per year, primarily related to the transfer of part-time employees. full of more than 30 in LanzaX. With the 2025 spin-out expected to be completed, LanzaTech expects to receive a portion of these benefits in 2025, and full benefits will be available in 2026 and beyond.
Today’s announcement marks a strategic step in LanzaTech’s continued development, said Dr. Jennifer Holmgren, Chairman and Chief Executive Officer. We are delighted to welcome Tharsis Capital as our new strategic partner, recognizing their strong belief in our vision and ambitions within the synbio landscape. We anticipate that this partnership will further our progress by using shared goals and resources to promote greater progress in sustainable chemical production. By directing new capital and expertise to our synbio division, we are not only driving its growth but also strengthening the financial and operational base of our core biorefining operations.
The creation of LanzaX creates a transformational biomanufacturing platform that will use dedicated resources to accelerate the development of an existing portfolio of close commercial molecules in chemicals, biomaterials, and a wide range of chemical expertise, said Henri Arif, Managing Director of Tharsis Capital. LanzaTech’s global portfolio of gas fermentation equipment on a full commercial scale, combined with its leading synthetic biology team partnering with LanzaX, will form a business center that which we believe will set a new standard for sustainable chemicals. We are pleased to join forces with LanzaTech to make LanzaX a world leader in biochemistry.
LanzaTech Appoints Interim Chief Financial Officer
In addition to the LanzaX spin-out, LanzaTech has also appointed Mr. Justin Pugh as its new Interim Chief Financial Officer. The main features of Mr. Pugh will focus on implementing cost reductions and reallocating resources to utilize the significant and growing ethanol potential as a key feedstock for SAF production.
With extensive expertise in public company finance, strategy, accounting, treasury and risk management, Mr. Pugh has over 15 years of experience in providing strategic, operational and financial solutions. to businesses and related stakeholders. He served as interim CFO and was part of the CFO transition team for three separate restructured companies. Most recently, Justin worked with the Power, Renewables, and Energy Transition team at FTI Capital Advisors. Mr. Pugh holds the Chartered Financial Analyst (CFA) designation, the Certified Public Accountant (CPA) designation in the state of Illinois, and the Accredited in Business Valuation (ABV) designation from the American Institute of Certified Public Accountants (AICPA).
Dr. Holmgren added, We believe Justin will play an important role in supporting the implementation and development of our strategy as we elevate our focus on cost-effectiveness. right, using our business technology globally, and ultimately speeding our way to profitable operations. strong focus. We look forward to working together as we execute our long-term growth strategy and build a strong financial base to support the great growth that lies ahead for us.
Dr. Holmgren concluded, I would like to sincerely thank Geoff for his valuable service over the past four years and wish him the best of luck in his future endeavors.
LanzaTech has begun searching for a permanent CFO for the Company.
About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is a carbon recovery company that turns carbon waste into sustainable fuels, chemicals, materials and protein for everyday products. Using its bio-recycling technology, LanzaTech captures the carbon produced by energy-intensive industries at source, preventing it from being released into the atmosphere. LanzaTech then gives the captured carbon a new life as a clean replacement for old carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain such as ArcelorMittal (NYSE: ), Coty (NYSE: ), Craghoppers, REI, and LanzaJet, LanzaTech is paving the way for a circular economy carbon. For more information about LanzaTech, visit https://lanzatech.com.
About Tharsis Capital
Tharsis Capital LLC is a venture capital and advisory firm specializing in impact-driven and sustainable investing. Since its inception in 2014, Tharsis Capital has helped raise a total of approximately $500 million. Henri Arif is the founder and managing partner of Tharsis Capital, and has advised on notable transactions in biomaterials companies. Henri’s expertise in sourcing, executing and guiding new ventures has established him as a trusted partner to institutional investors, family offices and management teams within the biomaterials industry.
Forward-Looking Statements
This press release includes forward-looking statements regarding, among other things, LanzaTech’s business and financial plans, strategies and prospects. These statements are based on the beliefs, assumptions, estimates and judgments of LanzaTech management. Forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond LanzaTech’s control, which could cause actual results or results to differ materially from those expressed in the forward-looking statements. LanzaTech cannot guarantee that it will meet or realize these goals, objectives or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.
In general, statements that are not historical facts, including those about possible or contemplated 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 believe, estimate, expect, plan, estimate, may, will, should, want, plan, planned, expect, aim or similar expressions. Important factors that could cause our actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, among others, the following: delays in the progress of projects to in the final stage of the investment decision or building; failure of customers to adopt new technologies and platforms; fluctuations in the availability and cost of food and other operational resources; availability and continuity of government funding and support; broad economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; Unforeseen technical, regulatory, or business challenges in developing material technology, business operations or operational constraints; and other economic, business, or competitive factors, and other risks and uncertainties, including risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as others. current and future filings with the US Securities and Exchange Commission.
Any forward-looking statement herein is based solely on information available to LanzaTech and speaks only as of the date it is made. LanzaTech undertakes no obligation to update or update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LanzaTech Global, Inc.
Investor Relations
Kate Walsh
VP, Investor Relations and Tax
Investor.Relations@lanzatech.com
The media
Kit McDonnell
Director of Communications
press@lanzatech.com
Source: LanzaTech Inc.
