Carbon capture and utilization specialist LanzaTech (NASDAQ: LNZA) has reported strong second-quarter 2024 results, highlighting a significant $40 million capital raise.
The company, known for its innovative carbon recycling technology, announced the investment from Carbon Direct Capital, a prominent player in the carbon management ecosystem.
This funding enhances LanzaTech’s financial flexibility, supporting its growth and operational goals, the company said in its second-quarter financial results statement, published last week.
In Q2 2024, LanzaTech achieved revenue of $17.4 million, a 35% increase from the previous year, driven by its Biorefining business and successful technology licensing to LanzaJet.
The company reaffirmed its full-year 2024 revenue guidance of $90 million to $105 million and adjusted EBITDA loss of $65 million to $55 million.
The $40 million investment from Carbon Direct Capital marks a crucial milestone for LanzaTech, enabling the company to strengthen its position in the market.
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CEO Dr. Jennifer Holmgren emphasized the strategic progress made, including the launch of CirculAir, a joint initiative with LanzaJet to produce sustainable aviation fuel (SAF) from waste feedstocks.
LanzaTech also increased its ownership stake in LanzaJet to 37% during the quarter, reflecting its commitment to advancing the alcohol-to-jet (ATJ) technology.
Furthermore, the company achieved a key milestone for its CarbonSmart technology with the first pure-play ethanol fuel sales, solidifying its market presence.
Holmgren highlighted LanzaTech’s competitive advantage in converting various waste feedstocks into valuable products, driving interest from global customers.
“Looking forward, we expect our existing licensees’ operations to continue to ramp to full production capacity and we have a number of sizable customer projects that are expected to move through final investment decision and into construction by the end of 2024,” the chief executive stated.
Beyond 2024, LanzaTech aims to reach profitability by focusing on revenue growth, cost management, and the successful deployment of projects and licenses.
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