- LanzaTech NZ Inc looks to go public via a special purpose acquisition company (SPAC) AMCI Acquisition Corp II AMCIW, the Wall Street Journal reports.
- The SPAC deal values the carbon-capture and transformation company at ~$2.2 billion.
- LanzaTech traps carbon emitted during industrial processes and uses bacteria to convert the waste gas into sustainable chemicals such as ethanol.
- LanzaTech is one of many companies developing solutions to decarbonize high-emitting industries through carbon capture and reuse.
- Companies like Chinese steelmaker Shougang Group Co add LanzaTech’s use this technology into their manufacturing process. At the same time, buyers of the resulting end products include consumer-products maker Unilever PLC UL and beauty company Coty Inc COTY.
- The cash raised from the SPAC deal will help increase the adoption of LanzaTech’s process and bring down costs.
- LanzaTech will likely raise a $125 million private investment in public equity (PIPE) from investors including ArcelorMittal SA MT, Basf SE BASFY, and Khosla Ventures.
- Price Action: AMCI shares traded higher by 0.82% at $9.78 on the last check Tuesday.
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