Cleantech developer LanzaTech NZ to go public through merger with SPAC AMCI

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LanzaTech NZ plans to go public through a merger with SPAC AMCI Acquisition Corp. II (AMCI) in a deal that values the cleantech company at an implied pro forma enterprise value of around $1.8B.

After the closing, the combined company will be called LanzaTech, with shares expected to trade on the Nasdaq under the symbol LNZA.

LanzaTech has developed carbon recycling technology that uses bacteria to transform emissions into fuel and chemicals that can be used for other industrial purposes. The company licenses the technology to businesses to help them decarbonize their operations.

Under the deal, the combined company is expected to receive gross proceeds of $275M, which includes $150M in cash held by AMCI, assuming no redemptions by AMCI stockholders, along with a committed common equity PIPE financing of around $125M.

PIPE investors include AMCI, Arcelor Mittal, BASF, K1W1, Khosla Ventures, Mitsui & Co., New Zealand Superannuation Fund, Oxy Low Carbon Ventures, Primetals Technologies, SHV Energy and Trafigura.

The deal is expected to close during the third quarter, pending shareholder approval by both companies.

ACMI Acquisition Corp. II is the second SPAC sponsored by AMCI, which invests in industrial companies. The group’s first SPAC, AMCI Acquisition Corp. I , merged with Advent Technologies Holdings (NASDAQ:ADN), a fuel cell and hydrogen technology developer, in February 2021.

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