Shares of LanzaTech Global, Inc. (NASDAQ: LNZA) rose 13.59% to $2.34 in premarket trading, maintaining an upward trajectory from the previous session which concluded at $2.06 with a significant rise of 28.75%. LNZA stock has increased by almost 130% on the US stock charts over the past five days due to a historic federal financing announcement.
DOE Commitment to Project SECURE
Last week, LanzaTech announced that up to $200 million has been committed by the US Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED) for Project SECURE, a Sustainable Ethylene from CO2 Utilization with Renewable Energy program.
Project SECURE, led by Technip Energies and LanzaTech, intends to transform the ethylene manufacturing process by recycling collected carbon dioxide with low-carbon hydrogen to produce sustainable ethylene and ethanol.
With the potential for global replication, the technology will first be incorporated into an existing ethylene cracker in the US Gulf Coast region. Technip Energies’ technology is used in more than 40% of the 370 ethylene steam crackers worldwide, including eight in the United States.
Advanced Recycling Technology
LanzaTech’s carbon recycling technology offers revolutionary potential beyond ethylene production. The method offers an alternative to carbon sequestration or atmospheric release by turning carbon-rich emissions into lucrative ethanol. This innovation enables diverse industries to profit from waste carbon while addressing environmental concerns.
Phased Development and Economic Impact
OCED’s funding for Project SECURE will be disbursed over four phases, beginning with nearly $20 million for Phase 1. During this phase, Technip Energies and LanzaTech will undertake a Front-End Engineering Design (FEED) study, prepare essential documentation for the National Environmental Policy Act (NEPA) review, and engage with local community and labor stakeholders.
This milestone signifies a critical step toward advancing the project, which enhances the efficiency of ethylene production, generates high-quality jobs, and strengthens local communities. With its vision of a circular carbon economy, LanzaTech is positioned to drive sustainable innovation in domestic manufacturing and global carbon utilization.
Ethylene, often called the world’s most important chemical, is a cornerstone for countless materials. LanzaTech’s commitment to sustainable ethylene production underscores its role in addressing climate change while bolstering industrial growth.
