LanzaTech completes SPAC merger

The cleantech firm LanzaTech has gone public through a merger with a special purpose acquisition company (SPAC), a long-anticipated move that values the firm at $1.8 billion. LanzaTech, which will trade on the Nasdaq stock exchange under the symbol LNZA, uses fermentation to convert various combinations of CO, CO₂, and H₂ into chemicals. The firm already has three commercial-scale plants in China producing ethanol from steel mill waste gas. The SPAC merger raised $240 million, which LanzaTech says it will use for R&D as well as to accelerate and execute plans to build plants.