LanzaTech And Woodside Energy Announce Strategic Agreement

LanzaTech And Woodside Energy Announce Strategic Agreement - Carbon Herald
Credit: Indypendenz | Shutterstock

LanzaTech NZ, Inc. marks an important milestone this week that could accelerate the company’s carbon capture and utilization technology. It announced on October 24th, 2022, strategic collaboration with the signing of a Strategic Framework Agreement with Woodside Energy (ASX: WDS) – an independent oil and energy company. 

Under the Strategic Framework Agreement, Woodside Energy will design, construct, own, maintain and operate pilot facilities relating to LanzaTech’s technologies. The collaboration also allows Woodside and LanzaTech to explore opportunities for the potential commercial scale-up of LanzaTech’s tech that converts greenhouse gas emissions into new products. 

Relevant: Woodside Partners With LanzaTech And ReCarbon For CO2 Ethanol

In addition to this agreement, Woodside has also entered into a Subscription Agreement for a $50 million investment in the common stock private investment in a public equity (PIPE) that is owned by AMCI Acquisition Corp. II (Nasdaq: AMCI).

AMCI Acquisition is expected to merge with LanzaTech in a previously announced in May 2022, business combination transaction. The Strategic Framework Agreement and the Subscription Agreement are conditional on the closing of the proposed business combination between LanzaTech and AMCI. 

Upon completion of the proposed business combination, LanzaTech will become the first carbon capture technology company to access the public capital markets. 

The business combination is anticipated to close in the second half of 2022 and is subject to, among other things, the approval by AMCI’s stockholders, LanzaTech’s stockholders and the satisfaction or waiver of other customary closing conditions. The combined company is expected to trade on Nasdaq under the ticker symbol “LNZA”. 

Relevant: LanzaTech and Brookfield Form A $500 Million Strategic Partnership

Woodside’s $50 million investment into AMCI and LanzaTech business combination is a major milestone for the companies. The collaboration with Woodside is expected to unlock significant value for LanzaTech, allowing it to expand the applications of its technology to different feedstocks and reshape waste management systems.

“As the energy transition advances, we anticipate increasing demand for carbon capture utilization and storage (CCUS). LanzaTech has an innovative approach towards not just reducing greenhouse gas emissions but transforming them into useful products. Their skillset in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering offers a potential opportunity to realize this aspiration,” said Woodside CEO, Meg O’Neill.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Total
0
Share