The Skokie, Illinois-headquartered company converts waste carbon into materials such as sustainable fuels, fabrics and packaging, among others. AMCI is a blank check company focused on investment opportunities in the areas of sustainability, decarbonization and the energy transition.

“We are showing the world what is possible when we radically rethink how we source, use and dispose of carbon,” said LanzaTech CEO Jennifer Holmgren. “We believe with AMCI that this is a transformative step in our quest to create a sustainable future for all, where everything can be made from recycled carbon.”

The merger is expected to receive gross process of about $275 million, comprising $150 million cash from AMCI, which the SPAC raised from an initial public offering last August, and $125 million committed from LanzaTech investors that include majors like ArcelorMittal, BASF and Mitsui & Co.

Proceeds will be used to accelerate LanzaTech’s commercial operations and provide capital for both development projects and ongoing technological innovation.

The boards of directors of LanzaTech and AMCI have approved the deal, which remains subject to approval by both firms’ shareholders, as well as the usual closing conditions. The combined company will be led by LanzaTech CEO Jennifer Holmgren and trade on the Nasdaq under the symbol LNZA.

In 2020, LanzaTech spun out its sustainable aviation fuel activities into LanzaJet, whose investors include All Nippon Airways, British Airways, Virgin Atlantic and Shell.

Author: Elaine Burridge, Freelance Journalist