LanzaTech to Form New Joint Venture and Launch Spin-Out of LanzaX Business, and Appoints Interim CFO of LanzaTech
LanzaTech (NASDAQ: LNZA) announced two major strategic moves: the formation of LanzaX, a spin-out joint venture with Tharsis Capital focused on synthetic biology, and the appointment of Justin Pugh as Interim CFO.
The LanzaX spin-out will focus on the company's synthetic biology and strain engineering platform, including a portfolio of over 100 demonstrated molecules and existing synbio contracts. This strategic move is expected to reduce costs by approximately $8 million annually through the transfer of over 30 full-time employees to LanzaX, with full benefits realized by 2026.
Justin Pugh, who brings 15 years of experience in finance and holds CFA, CPA, and ABV designations, succeeds Geoff Trukenbrod as CFO. His primary focus will be implementing strategic cost reductions and optimizing resources for sustainable aviation fuel (SAF) production using ethanol as feedstock.
LanzaTech (NASDAQ: LNZA) ha annunciato due importanti iniziative strategiche: la creazione di LanzaX, una joint venture con Tharsis Capital focalizzata sulla biologia sintetica, e la nomina di Justin Pugh come CFO ad interim.
La spin-out LanzaX si concentrerà sulla piattaforma di biologia sintetica e ingegneria dei ceppi dell'azienda, inclusi un portafoglio di oltre 100 molecole dimostrate e contratti esistenti nel settore della biologia sintetica. Questo passo strategico dovrebbe ridurre i costi di circa 8 milioni di dollari all'anno grazie al trasferimento di oltre 30 dipendenti a tempo pieno a LanzaX, con benefici completi previsti entro il 2026.
Justin Pugh, che vanta 15 anni di esperienza nel settore finanziario e possiede certificazioni CFA, CPA e ABV, succede a Geoff Trukenbrod come CFO. Il suo obiettivo principale sarà implementare riduzioni strategiche dei costi e ottimizzare le risorse per la produzione di combustibili avio sostenibili (SAF) utilizzando etanolo come materia prima.
LanzaTech (NASDAQ: LNZA) anunció dos movimientos estratégicos importantes: la formación de LanzaX, una empresa conjunta con Tharsis Capital centrada en la biología sintética, y el nombramiento de Justin Pugh como CFO interino.
La spin-off LanzaX se centrará en la plataforma de biología sintética e ingeniería de cepas de la empresa, que incluye un portafolio de más de 100 moléculas demostradas y contratos existentes en synbio. Se espera que este movimiento estratégico reduzca costos en aproximadamente $8 millones anuales mediante la transferencia de más de 30 empleados a tiempo completo a LanzaX, con beneficios completos previstos para 2026.
Justin Pugh, quien aporta 15 años de experiencia en finanzas y posee las certificaciones CFA, CPA y ABV, sucederá a Geoff Trukenbrod como CFO. Su enfoque principal será implementar reducciones estratégicas de costos y optimizar recursos para la producción de combustibles de aviación sostenibles (SAF) utilizando etanol como materia prima.
란자텍 (NASDAQ: LNZA)는 두 가지 주요 전략적 움직임을 발표했습니다: 합성 생물학에 중점을 둔 Tharsis Capital과의 공동 사업인 란자X 설립과, 저스틴 푸를 임시 CFO로 임명한 것입니다.
란자X의 분사는 회사의 합성 생물학 및 균주 공학 플랫폼에 집중하며, 100개 이상의 입증된 분자 및 기존 합성 생물학 계약이 포함된 포트폴리오를 다룰 것입니다. 이 전략적 움직임은 30명 이상의 정규직 직원의 란자X로의 전환을 통해 연간 약 800만 달러의 비용 절감이 예상되며, 2026년까지 모든 혜택이 실현될 것입니다.
저스틴 푸는 15년의 금융 경험과 CFA, CPA, ABV 자격증을 보유하고 있으며, Geoff Trukenbrod의 후임으로 CFO로 임명되었습니다. 그의 주요 초점은 에탄올을 원료로 사용하여 지속 가능한 항공 연료(SAF) 생산을 위한 전략적 비용 절감 및 자원 최적화입니다.
LanzaTech (NASDAQ: LNZA) a annoncé deux mouvements stratégiques majeurs : la création de LanzaX, une coentreprise avec Tharsis Capital axée sur la biologie synthétique, et la nomination de Justin Pugh en tant que CFO par intérim.
Le spin-off LanzaX se concentrera sur la plateforme de biologie synthétique et d'ingénierie des souches de l'entreprise, y compris un portefeuille de plus de 100 molécules démontrées et des contrats existants en biologie synthétique. Ce mouvement stratégique devrait réduire les coûts d'environ 8 millions de dollars par an grâce au transfert de plus de 30 employés à temps plein vers LanzaX, avec tous les avantages réalisés d'ici 2026.
Justin Pugh, qui a 15 ans d'expérience en finances et détient des titres CFA, CPA et ABV, succède à Geoff Trukenbrod en tant que CFO. Son principal objectif sera de mettre en œuvre des réductions de coûts stratégiques et d'optimiser les ressources pour la production de carburant d'aviation durable (SAF) en utilisant de l'éthanol comme matière première.
LanzaTech (NASDAQ: LNZA) hat zwei wichtige strategische Schritte angekündigt: die Gründung von LanzaX, einem Spin-off-Joint-Venture mit Tharsis Capital, das sich auf synthetische Biologie konzentriert, sowie die Ernennung von Justin Pugh zum Interim CFO.
Das Spin-off LanzaX wird sich auf die Plattform der synthetischen Biologie und der Stammtechnik des Unternehmens konzentrieren, einschließlich eines Portfolios von über 100 nachgewiesenen Molekülen und bestehenden Verträgen im Bereich der synthetischen Biologie. Dieser strategische Schritt wird voraussichtlich die Kosten um etwa 8 Millionen Dollar pro Jahr senken, indem über 30 Vollzeitmitarbeiter zu LanzaX transferiert werden, wobei die vollen Vorteile bis 2026 realisiert werden.
Justin Pugh, der 15 Jahre Erfahrung im Finanzbereich mitbringt und CFA-, CPA- und ABV-Zertifikate besitzt, tritt die Nachfolge von Geoff Trukenbrod als CFO an. Sein Hauptaugenmerk wird darauf liegen, strategische Kostensenkungen umzusetzen und Ressourcen für die Produktion von nachhaltigem Flugbenzin (SAF) unter Verwendung von Ethanol als Rohstoff zu optimieren.
- Expected annual cost reduction of $8 million through LanzaX spin-out
- Strategic partnership with Tharsis Capital to accelerate synbio development
- Portfolio of over 100 demonstrated molecules transferred to LanzaX
- Streamlined focus on core biorefining operations and SAF projects
- Transfer of significant intellectual property and 30+ employees to new joint venture
- Interim CFO appointment indicates ongoing leadership transition
- Full cost reduction benefits won't be realized until 2026
Announces intent to spin out and form a growth-oriented joint venture for LanzaX, the Company’s differentiated synthetic biology platform, with Tharsis Capital joining as new LanzaX strategic partner to accelerate financing for the synbio development pipeline
Appoints new Interim Chief Financial Officer of LanzaTech to streamline biorefining platform growth priorities and heighten focus on cost reductions
CHICAGO, Jan. 21, 2025 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or “the Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced its intent to form LanzaX, a business unit dedicated to its wholly-owned synthetic biology platform. LanzaTech intends to spin out LanzaX from 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 Interim Chief Financial Officer of LanzaTech, who will succeed Mr. Geoff Trukenbrod, effective immediately.
LanzaTech Strategic Joint Venture and Launch of LanzaX Spin-Out
The formation and proposed spin-out of LanzaX, which is comprised of the Company’s proprietary synthetic biology and strain engineering (“synbio”) platform and associated employees, is a strategic move that aims to accelerate project development, while enabling a sharper focus on the growth priorities of the Company’s core biorefining operations, including its Sustainable Aviation Fuels (SAF) projects.
In connection with its formation of LanzaX, LanzaTech has entered into an agreement with Tharsis Capital, a New York-based impact venture capital and advisory firm focused on sustainability, including a specialization related to bioenergy, biomaterials, and chemicals, to assist the Company on the proposed spin-out of LanzaX and to help explore potential investment opportunities for this business unit.
The strategic spin-out will better enable LanzaX to access the necessary capital to accelerate the development of its robust pipeline of existing projects, including initiatives with acetone, isopropanol, and high-value specialty products, with customers spanning global firms, leading brands, and universities. LanzaTech will contribute a number of existing synbio contracts and a portfolio of over 100 demonstrated molecules to LanzaX, which will in turn leverage LanzaTech’s proven commercial expertise in scaling ethanol production to scale new molecules quickly. By its very nature, the production of new molecules using biology will also enable the utilization of existing commercially operating facilities, further accelerating the path to scale for these new chemicals.
In addition to augmenting LanzaTech’s gas fermentation capabilities with the LanzaX spin-out, the Company expects to reduce its cost structure by approximately
“Today’s announcement reflects a strategic step in the ongoing evolution of LanzaTech,” said Dr. Jennifer Holmgren, Chair and Chief Executive Officer. “We are thrilled to welcome Tharsis Capital as our newest strategic partner, recognizing their strong belief in our vision and ambitions within the synbio landscape. We expect this collaboration to amplify our progress by leveraging shared goals and resources to foster significant advancements in sustainable chemical production. By directing new capital and expertise into our synbio division, we are not only driving its growth but also fortifying the financial and operational foundation of our core biorefining operations.”
“The creation of LanzaX sets the stage for a transformational biomanufacturing platform that will leverage dedicated resources in order to fast track the development of an existing portfolio of near-commercial molecules in biochemicals, biomaterials, and a broad range of chemical specialties”, said Henri Arif, Managing Partner of Tharsis Capital. “The global footprint of gas fermentation assets deployed by LanzaTech at full commercial scale, combined with its world-leading team of synthetic biology experts joining LanzaX, will create a commercial launchpad that we believe will set a new benchmark in sustainable chemicals. We are delighted to join forces with LanzaTech in making LanzaX a global leader in biochemistry.”
LanzaTech Appoints Interim Chief Financial Officer
Alongside the LanzaX spin-out, LanzaTech also appointed Mr. Justin Pugh as its new Interim Chief Financial Officer. Mr. Pugh’s initial priorities will focus on implementing strategic cost reductions and reallocating resources to effectively harness the significant and growing momentum of ethanol as a critical feedstock for SAF production.
With extensive skills in public company finance, strategy, accounting, treasury, and risk management, Mr. Pugh has more than 15 years of experience in providing strategic, operational, and financial solutions to enterprises and their related stakeholders. He has served as an interim CFO and has been part of a CFO transition team for three separate renewables companies. Most recently, Justin served with the Power, Renewables, and Energy Transition team at FTI Capital Advisors. Mr. Pugh holds a Chartered Financial Analyst (“CFA”) designation, a 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 a key role in supporting the execution and refinement of our strategy as we heighten our focus on right-sizing our cost structure, deploying our commercialized technology globally, and ultimately accelerating our path to profitable operations with a sharper focus. We look forward to working together as we execute our long-term growth strategy and build a strong financial foundation to support the significant growth ahead for us.”
Dr. Holmgren concluded, “I would like to sincerely thank Geoff for his valued service over the past four years and wish him much success with his future pursuits.”
LanzaTech has initiated a search for a permanent CFO of the Company.
About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its bio-recycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Coty, Craghoppers, REI, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. 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 investments. Since its inception in 2014, Tharsis Capital has helped raise a total of close to
Forward Looking Statements
This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.
Generally, statements that are not historical facts, including those concerning possible or assumed 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 “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: timing delays in the advancement of projects to the final investment decision stage or into construction; failure by customers to adopt new technologies and platforms; fluctuations in the availability and cost of feedstocks and other process inputs; the availability and continuation of government funding and support; broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and other economic, business, or competitive factors, and other risks and uncertainties, including the 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 other existing and future filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LanzaTech Global, Inc.
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FAQ
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