Woodside Energy and LanzaTech, a US-based carbon capture and transformation company, have announced a strategic collaboration after signing a deal.
Under the Strategic Framework Agreement Woodside will, in collaboration with LanzaTech and subject to a positive final investment decision, design, construct, own, maintain and operate pilot facilities relating to LanzaTech’s technologies.
The Strategic Framework Agreement also allows Woodside and LanzaTech to explore opportunities for the potential commercial scale-up of LanzaTech’s technology, which seeks to convert greenhouse gas emissions into new products.
In conjunction, Woodside has entered into a Subscription Agreement for a US$50 million investment in the common stock private investment in public equity (PIPE) of AMCI Acquisition Corp. II (AMCI) (Nasdaq: AMCI), with which LanzaTech is expected to merge in a previously announced business combination transaction.
The Strategic Framework Agreement and Woodside’s PIPE investment are conditional on closing of the proposed business combination between LanzaTech and AMCI. Upon closing, the combined company is expected to trade on Nasdaq under the ticker symbol “LNZA”.
Woodside CEO, Meg O’Neill said, “As the energy transition advances, we anticipate increasing demand for carbon capture, utilisation and storage (CCUS). LanzaTech have an innovative approach towards not just reducing greenhouse gas emissions but transforming them into useful products. Their skillset in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering offers a
potential opportunity to realise this aspiration.
“This is a step forward in achieving our goal of building a new energy portfolio centred on profitably investing in the products and services to support our customers’ chosen decarbonisation pathways.”