LanzaTech to Form New Joint Venture and Launch Spin-Out of LanzaX Business, and Appoints Interim CFO of LanzaTech

Core Viewpoint - LanzaTech Global, Inc. is planning to spin out its synthetic biology platform, LanzaX, into a joint venture with Tharsis Capital to enhance project development and focus on core biorefining operations [1][2][4] Group 1: Spin-Out and Joint Venture - The formation of LanzaX aims to accelerate project development and sharpen focus on the growth priorities of LanzaTech's core biorefining operations, including Sustainable Aviation Fuels (SAF) projects [2] - LanzaTech has entered into an agreement with Tharsis Capital to assist in the spin-out and explore investment opportunities for LanzaX [3] - The spin-out will allow LanzaX to access necessary capital for its project pipeline, which includes acetone, isopropanol, and high-value specialty products [4] Group 2: Financial Implications - The spin-out is expected to reduce LanzaTech's cost structure by approximately $8 million annually, primarily due to the transfer of over 30 full-time employees to LanzaX [5] - The full financial benefits from the spin-out are anticipated to be realized during 2026 and beyond [5] Group 3: Leadership Changes - LanzaTech appointed Justin Pugh as the new Interim Chief Financial Officer to streamline growth priorities and focus on cost reductions [1][8] - Mr. Pugh has over 15 years of experience in finance and strategy, with a background in renewables companies [9] Group 4: Strategic Vision - The collaboration with Tharsis Capital is expected to amplify LanzaTech's progress in sustainable chemical production by leveraging shared goals and resources [6] - The creation of LanzaX is seen as a transformational step towards establishing a leading biomanufacturing platform in sustainable chemicals [6]