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Here are 1-3 brief analogies for LanzaTech Global (LNZA):

• Like a **Terracycle** for industrial carbon emissions, transforming a difficult waste stream into valuable new products.
• Think of them as the **Cargill** of carbon emissions, processing industrial CO2 into a diverse range of fuels, chemicals, and materials.
• The **Beyond Meat** for industrial chemicals and fuels: they produce essential industrial products, but from captured carbon emissions instead of traditional fossil feedstocks.

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• Carbon Capture and Gas Fermentation Technology: A proprietary biological platform that converts industrial waste gases into new products.
• Sustainable Fuels: Production of low-carbon fuels, including sustainable aviation fuel (SAF), from captured carbon emissions.
• Sustainable Chemicals: Production of various commodity and specialty chemicals using their carbon recycling technology.
• Technology Licensing and Engineering Services: Providing their proprietary technology under license and offering engineering support for industrial-scale plant deployment.

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LanzaTech Global (LNZA) sells primarily to other companies (B2B) rather than individuals. Its business model involves licensing its carbon capture and utilization technology, building facilities, and partnering with industrial companies to convert emissions into sustainable fuels and chemicals, or to integrate these sustainable materials into their supply chains.

Here are some of LanzaTech Global's major corporate customers and strategic partners:

• ArcelorMittal (NYSE: MT): A global steel and mining company. ArcelorMittal operates the Steelanol plant in Ghent, Belgium, which utilizes LanzaTech's technology to convert blast furnace waste gases into ethanol, demonstrating a direct and large-scale application of LanzaTech's core technology within heavy industry.
• Inditex (Zara) (BME: ITX): The parent company of fashion brands like Zara. Inditex collaborates with LanzaTech to create textiles, such as polyester, from captured carbon emissions, integrating sustainable materials derived from LanzaTech's process into its product supply chain.
• Mitsui & Co. (TYO: 8031): A major Japanese trading and investment company. Mitsui is a significant strategic partner and investor in LanzaTech projects globally, playing a crucial role in facilitating the deployment of LanzaTech's technology across various industries and geographical markets.

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Jennifer Holmgren, Chief Executive Officer

Dr. Jennifer Holmgren is the Chief Executive Officer of LanzaTech. Prior to joining LanzaTech, she served as Vice President and General Manager of the Renewable Energy and Chemicals business unit at UOP LLC, a Honeywell Company, where she led the business from its inception and was a key driver in low carbon aviation biofuels. UOP was later acquired by Honeywell. Dr. Holmgren is also the Director and Chair of the LanzaJet Board of Directors, a new company focused on producing sustainable aviation fuel. She also serves on the Founder Advisory for The Engine, a venture capital fund established by MIT that invests in early-stage science and engineering companies.

Sushmita Koyanagi, Chief Financial Officer

Sushmita Koyanagi was appointed Chief Financial Officer of LanzaTech Global, effective June 2, 2025. Before this role, she served as the company's Chief Accounting Officer, a position she held since December 2024. Ms. Koyanagi brings extensive experience from both public and private companies in areas such as accounting, financial reporting, process improvement, and managing large teams.

Freya Burton, Chief Sustainability Officer & Head of Europe

Freya Burton has served as Chief Sustainability Officer of LanzaTech since 2016, having joined the company in 2007. During her tenure, she has held various roles, including positions in communications, government relations, human resources, and research and development. Ms. Burton was among LanzaTech's first employees and began her career in carbon recycling directly working with the company's gas fermentation process in the laboratory. She is a board member of the Low Carbon Fuels Coalition and a founding member of Below50, an initiative by the World Business Council for Sustainable Development focused on low carbon fuels.

Dr. Robert Conrado, Chief Technology Officer

Dr. Robert Conrado is the Chief Technology Officer at LanzaTech. Additional background details were not readily available in the search results.

Dr. Zara Summers, Chief Strategy Officer

Dr. Zara Summers serves as the Chief Strategy Officer for LanzaTech. Additional background details were not readily available in the search results.

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The key risks to LanzaTech Global (LNZA) are primarily centered on its financial viability, the execution of its strategic shift, and its ability to achieve sustained profitability.

1. Going Concern / Liquidity Crisis: LanzaTech Global faces significant financial instability, with management expressing "substantial doubt" about its ability to continue as a going concern. The company has a history of incurring significant losses, experiencing negative operating and net margins, and rapidly depleting its cash reserves. It is burning through cash at a high rate and requires substantial additional financing to fund operations, facing a high risk of insolvency or bankruptcy without further capital infusions or major revenue breakthroughs.
2. Execution and Commercialization Risks of Sustainable Aviation Fuel (SAF) Strategy: LanzaTech is undergoing a strategic pivot to focus on the production of Sustainable Aviation Fuel (SAF). This strategy, while aligning with market demand, is subject to considerable execution risks. Its ethanol-to-jet process is still largely unproven at a commercial scale, and the company faces potential delays in key projects (such as the DRAGON projects), rising production costs, and intense competition from larger, more established players like Neste and TotalEnergies. The success of this pivot relies heavily on securing long-term offtake agreements and effectively scaling its technology, which presents significant challenges.
3. Declining Revenue and Elusive Profitability: The company has reported a significant decline in revenue in recent quarters and for the full year 2024, primarily due to the completion of engineering projects, timing delays in major biorefining initiatives, and a shift away from higher-margin licensing agreements toward lower-margin CarbonSmart sales. LanzaTech continues to incur substantial net losses, and a clear path to sustained profitability remains elusive. This ongoing financial performance indicates challenges in project execution and market demand for its core offerings, highlighting a reliance on external funding sources like government grants to sustain operations.

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LanzaTech Global (LNZA) operates in several addressable markets by transforming waste carbon into various valuable products.

One of LanzaTech's main products is ethanol, which can be used for Sustainable Aviation Fuel (SAF) production. The global addressable market for SAF is estimated at $180 billion.

LanzaTech also has a presence in the market for nutritional protein, specifically targeting the alternative protein market. Additionally, the company is involved in broader markets related to CO2-based plastics and carbon capture, utilization, and storage (CCUS) technologies. The global market for carbon capture, utilization & storage technologies is projected to reach $5.2 billion by 2026, up from $2.6 billion in 2021.

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LanzaTech Global (LNZA) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions:

1. Acceleration of Biorefining Project Development and Technology Licensing: LanzaTech expects substantial revenue growth from ongoing and new engineering services associated with its biorefining projects. Key projects identified as future revenue drivers include Project Drake, the Norway project, and Project SECURE. Additionally, anticipated LanzaJet sublicensing events are expected to contribute significantly to licensing revenue.

2. Growth in CarbonSmart Product Sales and Strategic Offtake Agreements: The company is focused on increasing direct fuel product sales and other CarbonSmart products. This growth is being driven by establishing the right licensing structures, partners, and supply chains, as well as securing strategic partnerships and long-term offtake agreements, such as the ethanol deal with ArcelorMittal.

3. Evolution to an Integrated Project Development and Ownership Model: LanzaTech is expanding its business model to complement its licensing operations by developing and financing its own projects. This shift, which involves partnering with infrastructure investors like Brookfield and Olayan, aims to provide greater control, faster project timelines, and a larger share of project economics. The company expects to recoup project development expenses when these projects are transferred to partners.

4. Diversification into New High-Growth Markets and Products: LanzaTech is making significant progress in new areas, particularly in sustainable aviation fuel (SAF) through LanzaJet, in which LanzaTech retains a substantial ownership stake. The company is also targeting the large alternative protein market with the launch of LanzaTech Nutritional Protein.

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Share Issuance

• In February 2023, LanzaTech Global received approximately $240 million in gross proceeds from its SPAC merger, which included $185 million from a common equity PIPE (Private Investment in Public Equity) and $55 million from cash held by AMCI.
• In May 2025, LanzaTech issued and sold 20,000,000 shares of Series A Convertible Senior Preferred Stock for $40,000,000 to LanzaTech Global SPV, LLC, an entity controlled by an existing investor.
• In August 2025, stockholders approved an amendment to increase the number of authorized shares of common stock from 600 million to 2.58 billion and a 1-for-100 reverse stock split to regain Nasdaq compliance.

Inbound Investments

• The SPAC merger in February 2023 included $185 million from a PIPE, with investors such as ArcelorMittal, BASF, Khosla Ventures, Mitsui, NZ Super Fund, Oxy Low Carbon Ventures LLC, Primetals, SHV Energy, and Trafigura.
• In October 2022, LanzaTech formed a strategic partnership with Brookfield Renewable and its institutional partners, securing an initial $500 million commitment for co-developing and building new commercial-scale production plants.
• LanzaTech received a £24.9 million grant (approximately $30 million) from the UK Authority's Advanced Fuels Fund in December 2022 for a project in Port Talbot, South Wales, and a £6.4 million grant in July 2025 for DRAGON 1 and DRAGON 2 sustainable aviation fuel projects. Additionally, in November 2025, LanzaTech secured a €40 million EU Innovation Fund Grant for a carbon capture, utilization, and storage (CCUS) project in Norway.

Outbound Investments

• LanzaTech entered into amended agreements with its affiliate LanzaJet in October 2025 to update ownership, financing, and licensing terms for LanzaJet's sustainable aviation fuel (SAF) platform, with LanzaTech set to receive additional tranches of LanzaJet shares. The first additional tranche of 15,000,000 LanzaJet shares was issued to LanzaTech on June 18, 2024.
• In January 2025, LanzaTech Global entered into a joint venture with Tharsis Capital.
• In November 2025, LanzaTech established a joint venture with the Olayan Group in the Middle East to finance and cultivate commercial opportunities.

Capital Expenditures

• LanzaTech operates a "capital-light, licensing-driven" business model, where it licenses its technology to partners who are responsible for building the fermentation plants.
• The company's capital requirements are primarily associated with development projects undertaken with partners and continuous technological innovation.
• LanzaTech has incurred project-related expenses for initiatives like Project Drake and its project in Norway, which are expected to be recovered once these projects reach their Final Investment Decision (FID).