LanzaTech to form JV ‘LanzaX’ with Tharsis Capital
Sustainability

LanzaTech to form JV ‘LanzaX’ with Tharsis Capital

LanzaTech intends to spin out LanzaX from its core biorefining business as a joint venture with Tharsis Capital

  • By ICN Bureau | January 26, 2025

LanzaTech Global, the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, 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 in the coming months. The company also announced the appointment of Justin Pugh as Interim Chief Financial Officer of LanzaTech, who will succeed Geoff Trukenbrod, effective immediately.

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.

“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.”

Alongside the LanzaX spin-out, LanzaTech also appointed Justin Pugh as its new Interim Chief Financial Officer. 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.

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