Through the SPAC process, LanzaTech, a US-based firm with a focus on carbon capture and transformation and funding from China’s Qiming Venture Partners, went public.
On February 10, the business amalgamated with AMCI Acquisition Corp II before going public on Nasdaq. The new company is known as LanzaTech Global.
According to a release, the listed company issued at a price of US $10 per share, giving it a US $2 billion market worth. On launch, nevertheless, its share price fell by 21%.
LanzaTech, a company established in 2005, converts waste carbon into environmentally friendly fuels, textiles, packaging, and other products. With respect to sustainable packaging and materials, the firm has collaborated with well-known companies including Lululemon, Total, L’Oreal, and Unilever.
In 2018, LanzaTech and Shougang Group joined together to establish the first industrial carbon refinery in Hebei Province, China. It later added two business facilities around the nation.
Qiming served as the round’s leader in series B for LanzaTech in 2010 and took part in series C and D for the company in 2013 and 2014, respectively.
Following the edtech platform QuantaSing, the biotech business Structure Therapeutics, and the supplier of lidar solutions Hesai, this is the fourth instance of a Qiming portfolio company going public this year, signalling a return of Chinese IPOs in the US.
