Latest news with #LanzaTech
National Business Review
3 days ago
- Business
- National Business Review
LanzaTech makes senior leadership changes, further cost savings
Kiwi-founded and Nasdaq-listed carbon recycling company LanzaTech has introduced key leadership changes that it hopes will save around US$1 million a year. The company's share price plunged a futher 6% on the news, to US 24 cents. The changes in the leadership executive team include Sushmita
Yahoo
3 days ago
- Business
- Yahoo
LanzaTech Advances Transformation with Leadership Changes and Cost Optimization Actions
Chief Accounting Officer Sushmita Koyanagi promoted to Chief Financial Officer Deputy General Counsel Amanda Fuisz to assume Interim General Counsel role Cost savings and financial efficiencies drive continued advancement of commercial projects focused on producing alternative fuel from waste carbon CHICAGO, May 29, 2025 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) ('LanzaTech' or the 'Company'), a carbon management solutions company, today announced certain transitions in its executive leadership team in connection with its recent financing and ongoing strategic measures focused on streamlining its operations and reducing costs, including consolidating certain positions by drawing upon the Company's capable, experienced internal resources. The announced leadership changes include: Sushmita Koyanagi appointed Chief Financial Officer, effective June 2, 2025 Amanda Fuisz to assume role of interim General Counsel, effective June 13, 2025 Gary Rieschel, long-time serving Board member, to retire from the board of directors following the upcoming Annual Meeting of Stockholders LanzaTech announced the appointment of Sushmita Koyanagi as Chief Financial Officer, effective June 2, 2025, completing its previously announced search for a permanent CFO. Ms. Koyanagi succeeds Justin Pugh, who has been serving as LanzaTech's interim CFO since January 2025 and who will maintain an advisory role with the Company to assist in his transition and to provide other related support until June 30, 2025. Ms. Koyanagi has extensive public and private company experience in accounting, financial reporting, process improvement and managing larger teams, and most recently joined the Company as Chief Accounting Officer ('CAO') in December of 2024. Separately, LanzaTech announced that Amanda Fuisz will assume the role of interim General Counsel, effective June 13, 2025. Ms. Fuisz will succeed Joseph Blasko, who will step down to pursue a new professional opportunity. Ms. Fuisz, who currently serves as LanzaTech's Deputy General Counsel, will lead LanzaTech's legal and compliance department while serving as interim General Counsel. 'We are thrilled to have Sush take on this expanded role,' said Dr. Jennifer Holmgren, Chair and Chief Executive Officer. 'Sush is a seasoned finance executive with an impressive background that makes her ideally suited to lead the next phase of our financial evolution as we advance our path to profitability. On behalf of our executive team and board of directors, I would like to thank Justin for stepping in to lead as interim CFO ensuring a seamless transition. Additionally, I am grateful to Amanda for stepping into this role as interim General Counsel. Her background and strong legal acumen make her an ideal fit for this position. I wish Joe all the best in his future endeavors,' added Holmgren. Additionally, LanzaTech announced that Gary Rieschel, a long-serving member of LanzaTech's board of directors, will retire at the conclusion of his current term and will not seek re-election at the Company's Annual Meeting of Stockholders on July 21, 2025. 'On behalf of the members of our board and management, I express our deep appreciation for Gary's contributions,' stated Holmgren. 'Since 2009, Gary has been an unwavering champion of LanzaTech's mission to build a circular carbon economy. It has been a true privilege to work closely with Gary for over the past fifteen years.' The announced leadership changes and role consolidations are anticipated to result in annual cost reductions of approximately $1 million. These cost reduction measures will enhance LanzaTech's ability to better allocate resources toward its most promising commercial opportunities and projects, with efforts predominantly focused on leveraging the Company's core gas fermentation technology platform to effectively be an enabler of the significant and growing momentum of sustainable aviation fuel production. About LanzaTech LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. For more information about LanzaTech, please visit Forward-looking Statements This press release includes forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of the Company. These statements are based on the beliefs and assumptions of the Company's management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words 'believes,' 'estimates,' 'expects,' 'projects,' 'forecasts,' 'may,' 'will,' 'should,' 'seeks,' 'plans,' 'scheduled,' 'anticipates,' 'intends' or similar expressions. The forward-looking statements are based on projections prepared by, and are the responsibility of, the Company's management. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including the Company's ability to continue to operate as a going concern. The Company may be adversely affected by other economic, business, or competitive factors, and other risks and uncertainties, including those described under the header 'Risk Factors' in its Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarter ended March 31, 2025 and in future SEC filings. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations Contact Kate WalshVP, Investor Relations & in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
Skokie's LanzaTech to lay off 44 and downsize, despite honors for innovation
Skokie-based clean energy company LanzaTech Global, Inc., which has been heralded in TIME magazine and by Prince William's global environmental competition, plans to lay off 44 of its 383 employees in the first two weeks of June, per state of Illinois filings. The move comes as operating expenses rise but revenues fall, per quarterly reports to the Securities and Exchange Commission, and as the company plans to halve its rented space at Skokie's Illinois Science + Technology Park. Last month, the company acknowledged it received an offer from Carbon Direct Capital Management to buy the carbon recycling company at $0.02 a share, according to a press release from LanzaTech. In January 2023, the stock was valued at $10.43 a share, per Nasdaq. LanzaTech filed plans to lay off 44 to the Illinois Department of Commerce on May 12, offering 'mass layoff' as the reason. The first layoff date is scheduled for June 1, per state filings. LanzaTech was founded in New Zealand and has headquartered in Skokie since 2014 in the Illinois Science + Tech Park, according to previous reporting. The company's SEC filing said it 'transforms waste carbon into the chemical building blocks for consumer goods such as sustainable fuels, fabrics, and packaging that people use in their daily lives.' 'We are a gas fermentation company,' Dr. Zara Summers, chief science officer at LanzaTech previously told Pioneer Press. 'You might know about sugar fermentation if you drink beer or wine. We use a bacterial catalyst that takes gases like carbon monoxide, carbon dioxide and hydrogen, and convert those to ethanol at a commercial scale.' TIME Magazine named LanzaTech CEO Jennifer Holmgren to its worldwide Top 100 Climate Leaders for Business for 2023, and it was named the sole United States finalist for Prince William's November 2022 Earthshot prize, which honors the best solutions worldwide for tackling climate change. In its recent quarterly SEC filing, however, the company wrote, 'We have not achieved operating profitability since our formation. Our net losses after tax were $19.2 million for the three months ended March 31, 2025 and $25.5 million for the prior year period. As of March 31, 2025 we had an accumulated deficit of $988.8 million compared to an accumulated deficit of $969.6 million as of December 31, 2024. We anticipate that we will continue to incur losses until we sufficiently commercialize our technology.' Kate Walsh, LanzaTech's VP of Investor Relations and Tax, told Pioneer Press that LanzaTech is in a transition phase and is ready to put into practice the research knowledge it has gained these past few years. 'We're pivoting the company from a Research and Development hub to one that's commercially focused on deploying our proven technology,' Walsh said. '…So there's a transition that comes along with that.' Walsh said the downsizing and the growing demand for sustainable aviation fuel, especially with regulated markets in the UK and the EU, will help make the company profitable. The decision to downsize the company was not influenced by the political climate regarding green energy, nor the tariffs, she added. LanzaTech also will save money by cutting in half the space it rents at the Skokie tech park, from 106,661 to 53,616 square feet, effective July 1, per SEC filings. Per the filings, LanzaTech said it was unsure how the layoffs will affect health of the company overall, 'and may result in significant adverse consequences.' As LanzaTech moves forward, the group also runs into danger of having its stock delisted from the Nasdaq due to its low valuation, per the filing. Delisted companies generally face steep challenges in raising money. The village of Skokie's Director of Communications and Community Engagement Patrick Deignan released a statement on behalf of the village. 'Innovative companies like LanzaTech play a vital role in strengthening Skokie's local economy, supporting high-quality jobs and enhancing the Village's longstanding reputation as a center for scientific advancement. The Village remains committed to fostering a strong climate for innovation and will continue supporting the success of LanzaTech and other companies contributing to our community and beyond.' 'LanzaTech is an important part of Skokie's science, technology and local business landscape,' said Mayor Ann Tennes in a statement emailed to Pioneer Press. 'Although we're disappointed that the company's strategic actions will result in a reduction in their local workforce, we remain confident in LanzaTech's future and the continued impact they'll make here in Skokie and around the world.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
6 days ago
- Business
- Chicago Tribune
Skokie's LanzaTech to lay off 44 and downsize, despite honors for innovation
Skokie-based clean energy company LanzaTech Global, Inc., which has been heralded in TIME magazine and by Prince William's global environmental competition, plans to lay off 44 of its 383 employees in the first two weeks of June, per state of Illinois filings. The move comes as operating expenses rise but revenues fall, per quarterly reports to the Securities and Exchange Commission, and as the company plans to halve its rented space at Skokie's Illinois Science + Technology Park. Last month, the company acknowledged it received an offer from Carbon Direct Capital Management to buy the carbon recycling company at $0.02 a share, according to a press release from LanzaTech. In January 2023, the stock was valued at $10.43 a share, per Nasdaq. LanzaTech filed plans to lay off 44 to the Illinois Department of Commerce on May 12, offering 'mass layoff' as the reason. The first layoff date is scheduled for June 1, per state filings. LanzaTech was founded in New Zealand and has headquartered in Skokie since 2014 in the Illinois Science + Tech Park, according to previous reporting. The company's SEC filing said it 'transforms waste carbon into the chemical building blocks for consumer goods such as sustainable fuels, fabrics, and packaging that people use in their daily lives.' 'We are a gas fermentation company,' Dr. Zara Summers, chief science officer at LanzaTech previously told Pioneer Press. 'You might know about sugar fermentation if you drink beer or wine. We use a bacterial catalyst that takes gases like carbon monoxide, carbon dioxide and hydrogen, and convert those to ethanol at a commercial scale.' TIME Magazine named LanzaTech CEO Jennifer Holmgren to its worldwide Top 100 Climate Leaders for Business for 2023, and it was named the sole United States finalist for Prince William's November 2022 Earthshot prize, which honors the best solutions worldwide for tackling climate change. In its recent quarterly SEC filing, however, the company wrote, 'We have not achieved operating profitability since our formation. Our net losses after tax were $19.2 million for the three months ended March 31, 2025 and $25.5 million for the prior year period. As of March 31, 2025 we had an accumulated deficit of $988.8 million compared to an accumulated deficit of $969.6 million as of December 31, 2024. We anticipate that we will continue to incur losses until we sufficiently commercialize our technology.' Kate Walsh, LanzaTech's VP of Investor Relations and Tax, told Pioneer Press that LanzaTech is in a transition phase and is ready to put into practice the research knowledge it has gained these past few years. 'We're pivoting the company from a Research and Development hub to one that's commercially focused on deploying our proven technology,' Walsh said. '…So there's a transition that comes along with that.' Walsh said the downsizing and the growing demand for sustainable aviation fuel, especially with regulated markets in the UK and the EU, will help make the company profitable. The decision to downsize the company was not influenced by the political climate regarding green energy, nor the tariffs, she added. LanzaTech also will save money by cutting in half the space it rents at the Skokie tech park, from 106,661 to 53,616 square feet, effective July 1, per SEC filings. Per the filings, LanzaTech said it was unsure how the layoffs will affect health of the company overall, 'and may result in significant adverse consequences.' As LanzaTech moves forward, the group also runs into danger of having its stock delisted from the Nasdaq due to its low valuation, per the filing. Delisted companies generally face steep challenges in raising money. The village of Skokie's Director of Communications and Community Engagement Patrick Deignan released a statement on behalf of the village. 'Innovative companies like LanzaTech play a vital role in strengthening Skokie's local economy, supporting high-quality jobs and enhancing the Village's longstanding reputation as a center for scientific advancement. The Village remains committed to fostering a strong climate for innovation and will continue supporting the success of LanzaTech and other companies contributing to our community and beyond.' 'LanzaTech is an important part of Skokie's science, technology and local business landscape,' said Mayor Ann Tennes in a statement emailed to Pioneer Press. 'Although we're disappointed that the company's strategic actions will result in a reduction in their local workforce, we remain confident in LanzaTech's future and the continued impact they'll make here in Skokie and around the world.'
Business Insider
20-05-2025
- Business
- Business Insider
LanzaTech downgraded to Neutral from Buy at Roth Capital
Roth Capital downgraded LanzaTech (LNZA) to Neutral from Buy with a 20c price target Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
