LanzaTech Global Inc (NASDAQ: LNZA) is a carbon capture and utilization technology company that licenses proprietary gas fermentation processes to industrial partners, enabling them to convert waste gas emissions into ethanol and other chemicals. Revenue comes from technology licensing, royalties, microbe supply, software support, and research and engineering services, with co-development agreements providing minority project ownership as a secondary channel. The first commercial carbon refining plant using LanzaTech technology launched in 2018, with subsequent deployments in China, India, and Belgium. Feedstock sources include steelmaking off-gases, ferroalloy emissions, refinery gases, gasified biomass, municipal solid waste, mixed plastic waste, and reformed landfill gas. Partners own and operate the fermentation plants, while LanzaTech supplies the biocatalysts and technology stack. As of the 10-K filed March 31, 2026, the company disclosed substantial doubt about its ability to continue as a going concern through the next twelve months, citing projected cash insufficiency relative to operating and capital requirements for FY2025.

Revenue model

Technology licensing fees, recurring royalties, proprietary biocatalyst (microbe) supply, software support contracts, and research and engineering services paid by industrial partners. Co-development agreements provide minority equity positions in select projects. Revenue is generated from both commercial and governmental entities (FY2025, per 10-K filed 2026-03-31).

Products and services

Proprietary gas fermentation platform based on Clostridium autoethanogenum biocatalysts and the Wood-Ljungdahl Pathway; fermentation bioreactors converting CO, CO2, and H2 streams into ethanol and protein; downstream processing technology for conversion of ethanol into fuels and chemicals; software support for plant operations; research and engineering services; gasification integration with upstream waste streams including biomass, MSW, mixed plastic waste, and landfill gas.

Customers and end markets

Industrial partners in steel production (including Shougang Steel in China), ferroalloy manufacturing, oil refining, petrochemicals, municipal waste management, and agricultural sectors. Partners include Mitsui & Co., Suncor Energy, British Airways, and Shell Ventures as investors in affiliated entity LanzaJet. End markets include sustainable aviation fuel, industrial ethanol, and bio-based chemicals.

Value-chain role

Technology licensor and biocatalyst supplier sitting upstream of plant ownership. Partners own and operate fermentation facilities; LanzaTech provides the process technology, proprietary microorganisms, software, and ongoing engineering support. Minority co-investor in select development projects.

Geographic exposure

U.S. headquarters with a biorefining facility in Georgia. Commercial deployments in China, India, and Belgium as of the first plant launch in 2018. Development projects targeting China, Norway, and India for ferroalloy gas applications.

Source: SEC 10-K, filed 2026-03-31

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