AMCI II (NASDAQ:AMCI) announced this morning that it has added a $50 million PIPE to its combination with renewable materials-maker LanzaTech.
Woodside Energy (ASX:WDS) is investing in this PIPE at $10 per share and the two sides expect a strategic collaboration to follow, accelerating LanzaTech’s scale-up as it seeks out new ways to capture carbon and turn it into new industrial feedstocks.
The parties noted in an 8-K that, in addition to cementing this partnership, the move is a part of efforts by both sides to fully cover the transactions $250 million minimum cash condition with committed capital. So far, $180 million has been lined up including a $125 million PIPE at announcement.
Earlier this month, AMCI II announced that Brookfield Renewable has agreed to invest $500 million to efforts to construct and operate new LanzaTech projects that have achieved certain pre-agreed milestones. Following the initial investment, Brookfield has disclosed that it could commit to making an additional $500 million available if sufficient projects are available at the agreed milestones.
The SPAC announced its $1.8 billion business combination with LanzaTech on March 8. The Chicago-based company is developing carbon-capture plants designed to provide a number of carbon negative outputs ranging from jet fuel to consumer packaging materials.
On October 6, the company received $18.5 million in grant funding from the US Department of Energy to attempt to produce technology allowing for carbon-negative biomanufacturing.
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