LanzaTech To Form New JV And Launch Spin-Out Of LanzaX Business

(RTTNews) - LanzaTech Global Inc. (LNZA) said that it plans 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 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. It has initiated a search for a permanent Chief Financial Officer of the Company.

In addition to augmenting LanzaTech's gas fermentation capabilities with the LanzaX spin-out, the Company expects to reduce its cost structure by approximately $8 million annually, primarily related to the transfer of over 30 full-time employees to LanzaX.