LanzaTech Global Inc. (LNZA) has revealed its intention to establish LanzaX, a dedicated unit focused on its proprietary synthetic biology platform. The company plans to separate LanzaX from its primary biorefining operations through a joint venture with Tharsis Capital LLC in the upcoming months.
In conjunction with this move, LanzaTech has announced that Justin Pugh will take over as Interim Chief Financial Officer, replacing Geoff Trukenbrod with immediate effect. The search for a permanent CFO is underway.
The LanzaX spin-out is expected to enhance LanzaTech's gas fermentation capabilities. Additionally, this strategic move is projected to decrease the company's annual costs by approximately $8 million, largely due to the transfer of over 30 full-time employees to LanzaX.
