LanzaTech rises on synthetic biology unit spin-out
22/01/2025 13:10
** Carbon recycling firm LanzaTech Global's LNZA.O shares
rise 5.3% to $1.58 premarket
** On Tuesday, LNZA said it is spinning out its synthetic
biology platform, LanzaX, into a joint venture with Tharsis
Capital to accelerate project development and financing
** The spin-out of LanzaX is expected to reduce LNZA's cost
structure by ~$8 mln annually, company said
** LNZA said it's contributing its existing synbio
contracts, 100+ developed molecules, and commercial expertise to
LanzaX to accelerate product development
** LNZA said it is appointing a new interim chief financial
officer, Justin Pugh, to focus on cost reductions and resource
reallocation for its biorefining business
** LNZA fell ~71% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))