Lanzatech Global, Inc. · NASDAQ:LNZA
Lanzatech Global — AMCI Acquisition Corp. II — SPAC Merger (October 2022)
53 slides from Lanzatech Global's SPAC merger presentation, Oct 12, 2022
Slide 1: Transforming Carbon. Making Products.
1 ©2022 LanzaTech, Inc. All rights reserved. Transforming Carbon. Making Products. Where does your carbon come from?
Slide 2: Disclaimer
Disclaimer The Presentation (Together with Oral Statements Made in Connection Herewith) This presentation (together with oral statements made in connection herewith, this "Presentation”) is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation
Slide 3: Forward-looking statements and use of projections
If any of these risks materialize or AMCI‘s or LanzaTech's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither AMCI nor LanzaTech presently know or that AMCI and LanzaTech current
Slide 4: Key Company Highlights and Pro Forma Capital Structure
◼ LanzaTech shareholders to roll over 100% of their equity ◼ AMCI II (NASDAQ:AMCIU) has ~$150mm of cash in trust ◼ PIPE of ~$125mm as of March 7, 2022, sourced from existing investors, commercial partners, and new investors ◼ SAFE Investment of $50mm as of October 3, 2022 from Brookfield ◼ Pre - mon
Slide 5: LanzaTech Captures Carbon and Transforms it into Sustainable Products
LanzaTech Captures Carbon and Transforms it into Sustainable Products 5
Slide 6: From waste . . .
From waste . . .
Slide 7: . . . to products
. . . to products
Slide 8: Being CarbonSmart
Being CarbonSmart™ ~2 tons of CO2 removed per ton of CarbonSmartTM product made¹ In a CarbonSmartTM world, carbon waste is transformed to nearly everything we use in our daily lives LanzaTech generates profitable ROIs for partners, accelerating adoption of CarbonSmart™ Products with CarbonSmart™ $1T
Slide 9: LanzaTech's Unique Transformation Process
LanzaTech’s Unique Transformation Process FUELS MATERIALS PROTEIN CLEAN UP GASIFICATION COMPRESSION SEPARATION STORAGE FERMENTATION AGRICULTURAL & MUNICIPAL WASTE INDUSTRIAL OFF-GAS ELECTROLYSIS & DIRECT AIR CAPTURE THE LANZATECH PROCESS
Slide 10: Market Opportunity
Market Opportunity 1
Slide 11: Proven Technology at the Nexus of Two Mandated Markets
¹ Climate Watch, The World Resources Institute, Global Change Data Lab; data as of 2016. ² Per Grand View Research (2019), Allied Market Research (2018), The Business Research Company (2019), Technavio (2019), Fortune Business Insights (2019) and Knowledge Sourcing Intelligence (2020). $1 Trillion A
Slide 12: Sustainable Aviation Fuels Market Opportunity
Coalition Notable Companies Represented SAF Target 10% by 2030 30% by 2030 30% by 2035 Companies Committed Sustainable Aviation Fuels Market Opportunity In order to reach expected 2030 SAF demand, global SAF capacity must achieve an 87% CAGR “SAFs are the only viable near-term option to decrease emi
Slide 13: A Profitable Pathway to Solving Heavy Industries' Carbon Problem
13 LanzaTech Provides a Profitable Pathway to Solving Heavy Industries’ Carbon Problem Source: LanzaTech management, 1Climate Watch, The World Resource Institute, Global Change Data Lab; data as of 2016 Profitable to CO2 Emitter ✓✓✓ Carbon Captured / Avoided Commercially Available Ability to Use Exi
Slide 14: Key Partners Deploying LanzaTech's Technology
Plans for deployment of LanzaTech technology globally Additional plants under construction; technology rollout across China Building LanzaTech’s first commercial MSW conversion facility, currently in plant startup commissioning; plans for deployment across Japan Active technology and project develop
Slide 15: Partner testimonials
“We have worked with LanzaTech for several years, know their leadership team well and understand the potential of their technology and the role it can play in not only helping us to decarbonize, but also in producing valuable products from our carbon bearing gases which can help the decarbonization
Slide 16: Company and Technology Overview
Company and Technology Overview 2
Slide 17: LanzaTech Leadership
Freya Burton Chief Sustainability Officer Julie Zarraga EVP, Engineering Johanna Haggstrom VP, Chemicals & HydrocarbonTech Rob Conrado VP, Engineering Design and Development Jimmy Samartzis CEO, LanzaJet LanzaTech Leadership Jennifer Holmgren CEO & Director Sean Simpson CSO, Co-Founder, & Director G
Slide 18: Poised for Growth: IP Development and Technology Commercialization
Poised for Growth: 17 Years of Intellectual Property Development and Technology Commercialization Source: LanzaTech management Innovate and Capitalize on Market Inflection Market is Ready for LanzaTech Demonstrated m arket and regulatory need for decarbonization solutions LanzaTech recognized as car
Slide 19: Patent portfolio and potential chemicals
Upstream Patents Gas Conditioning Equipment Design Gasification integration with fermentation Electrolysis for use of CO 2 in LT process Expression Strategies Enzyme Pathways Genetic Tools Process Controls Biological Products Integrations Catalytic Products Secondary Fermentations Nutrition Applicat
Slide 20: Carbon Negative Products Today
LanzaTech Offers Carbon Negative Products Today With Inevitable Improvement Over Time 2.1 -0.2 -0.8 kg CO 2 e/kg product Monoethylene glycol (MEG) As a chemical intermediate Fossil Equivalent2 LanzaTech with renewable energy LanzaTech from offgas Renewable Energy Further reduces carbon intensity of
Slide 21: LanzaJet: The Leading SAF Platform
LanzaJet: The Leading SAF Platform 21 LanzaJet Overview Key Investors SAF from Carbon Emissions Patented Process and ASTM Approved Complementary Technology to LanzaTech LanzaTech Ownership 25%, Path to Majority through IP Contribution
Slide 22: Carbon Emissions to Sustainable Aviation Fuels
Carbon Emissions to Sustainable Aviation Fuels 22 Water Ethylene Ethanol Jet Diesel Source: LanzaTech management Low Cost Process Abundant, Waste-based Feedstock Competitive Waste-to-SAF Solution With opportunity to utilize existing ethanol supply today
Slide 23: Direct Conversion of CO2
Direct Conversion of CO2 Net Zero Aviation requires closing the emissions cycle Direct conversion of CO2 to SAF is possible today 23 Coupling direct CO2 conversion with Direct Air Capture fully closes the aviation fuel cycle
Slide 24: SAF Competitive Landscape
SAF Competitive Landscape Lowest Cost Process1 High Potential Jet Yield (90%)2 Non-food Based Abundant Low- cost Feedstocks Direct CO2 Feedstock Use Significant competitive advantages from joint process SAF Key Competitors Multiple Global Plants in Development 1 As compared to Gasification + Fischer
Slide 25: Synthetic Biology: LanzaTech's Toolkit
Synthetic Biology: LanzaTech’s Toolkit to Redefine the Chemicals Industry LanzaTech is the first to unlock anaerobic microbes as chassis organisms and has a complete toolkit in house to engineer new products AI and Modeling Strain Construction Automation DRAFT 25
Slide 26: Differentiated Platform Using Multiple Non-Food Feedstocks
Product Identification Microbe Design Commercial Operations Feedstock Capability Leading Synbio Company Transforming Waste to Products 1 Source: LanzaTech management, Capital IQ, Bloomberg; 1 Via their ownership / relationship with Genomatica .. LanzaTech’s Differentiated Platform Allows it to Use M
Slide 27: SynBio Platform Provides Solutions Across Multiple Sectors
LanzaTech SynBio Platform Provides Solutions to Industry Leaders Across Multiple Sectors 27 Chemicals Packaging Fragrances Fabrics Microbes Tailored for Specific Applications ✓ Same reactor ✓ Same feedstock ✓ Same process
Slide 28: SynBio Platform at the Cutting Edge
LanzaTech SynBio Platform at the Cutting Edge Across Multiple Capabilities & Processes 28 World’s First Anaerobic Biofoundry Advanced AI & Modeling Rapid In Vitro Prototyping Platform World - Class Partnerships Fully Automated Engineering & Screening of Thousands of Anaerobic Gas Fermentation Strain
Slide 29: Growth Opportunity
Growth Opportunity 3
Slide 30: Commercial Deployment Status
3 Commercial Plants Operating, 6 Plants Scheduled to Complete Construction in 2022/2023, and 8 Additional Plants in Engineeri ng LanzaTech CCT Commercial Deployment Status Partner Investment ~$850 million Operating Construction Engineering Feedstocks Represented Estimated Total Installed Capacity 1
Slide 31: Global Impact
Global Impact Steel and Ferroalloy Gas MSW Refinery Gas Biomass Biogas 31 CO 2 +H 2
Slide 32: Current Engagements Represent ~$7.5bn Revenue Opportunity
Source: LanzaTech Management Note: Based on all active projects in the pipeline advancing through each project development stage. Lifetime revenue includes all one - time and recurring revenue based on a 20 - year useful project life. Some projects in construction are pilot or smaller capacity oppor
Slide 33: Brookfield Partnership to Drive CCT Scale-Up
Brookfield Partnership to Drive CCT Scale - Up and Catalyze Project Deployment within LanzaTech Co - Development Strategy Source: LanzaTech management, 1 Named and unnamed project opportunities across projects developed with Brookfield and sponsored projects 33 ◼ Brookfield Framework Agreement unloc
Slide 34: Key Investment Highlights
Key Investment Highlights Attractive entry valuation enabling o pportunity to invest in a first of a kind CarbonTech company decarbonizing heavy industry, aviation, and consumer supply chains LanzaTech will be the first carbon capture and transformation company to go public enabling industrial compa
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Slide 36: Economics and Financial Overview
Economics and Financial Overview 4
Slide 37: Integrated and Complementary Business Model
Business Model Integrated and Complementary Business Model Source: LanzaTech management Joint Development & Contract Research Licensing of CCT Technology CarbonSmart TM Marketing ◼ Leverages LanzaTech's synthetic biology, AI, and machine learning expertise to develop new products ◼ Expands addressab
Slide 38: LanzaTech Unit Level Economics
LanzaTech Unit Level Economics ($ in millions) Source: LanzaTech management. P lant economics vary by region, size, feedstock, etc. The above is intended to be exemplary of the unit economics of plants that are currently being engineered or constructed ◼ Each carbon capture and transformation plant
Slide 39: Customer Unit Level Economics
Customer Unit Level Economics ◼ Plant economics vary by region, feedstock, and chosen product ◼ Economics are expected to be attractive for plant sponsor, exclusive of the benefit of carbon emission reductions ◼ Further upside to plant economics from: — Feedstock costs represent up to 40% of cost st
Slide 40: LanzaTech Projected Financial Profile
LanzaTech Projected Financial Profile ($ in millions) Source: LanzaTech management Note: Adjusted EBITDA adds back stock - based compensation and includes LanzaTech’s share of LanzaJet’s Net Income. ¹ Includes project start revenue, Grants & JDA revenue, dividends and LanzaTech’s share of LanzaJet’s
Slide 41: Projected Need to Fund Growth
Projected Need to Fund Growth ($ in millions) Source: LanzaTech management 1 Assumes the $250mm minimum cash closing condition, and 2022E figure excludes $30mm attributable to ArcelorMittal Safe note investment in December 2021, which will convert (and be part of) PIPE proceeds. .. Cash Flow Project
Slide 42: LanzaTech
Lanzafech |¥ od |.
Slide 43: Transaction Overview
so) Transaction Overview
Slide 44: Detailed Transaction Overview
Detailed Transaction Overview ~$1.7bn Enterprise Value | ~$125mm PIPE as of March 7, 2022 | $50mm SAFE Investment as of October 3, 2022 Source: LanzaTech management Note: AMCI has agreements to sell ~20% of the Founders’ Shares to anchor investors subject to certain conditions. 1 Business Combinatio
Slide 45: Identifying the Comparable Universe
Identifying the Comparable Universe: LanzaTech is a Global Leader in Sustainable Materials and Fuels Key Criteria for Defining Best Comps Comparable Universe ◼ Recognized adjacent industry leaders ◼ Huge addressable markets ◼ High - growth financial profile ◼ Disruptive technologies ◼ No perfect pub
Slide 46: Peer Benchmarking: Relative EV / Revenue and EV / EBITDA
Peer Benchmarking Relative EV / Revenue and EV / EBITDA Valuations Source: Public disclosures, Capital IQ, Bloomberg and IBES Estimates; market data as of 08 - Sep - 2022 Note: Assumes Enterprise Value for LanzaTech of $1,734mm. LanzaTech Adjusted EBITDA adds back stock - based compensation and incl
Slide 47: Fully Distributed Enterprise Value Sensitivities
Fully Distributed Enterprise Value Sensitivities ($ in millions) Source: LanzaTech management, Bloomberg, Capital IQ, and company disclosures; market data as of 08 - Sep - 2022. Note: Midpoint based on LanzaTech peer median. Peer median excludes negatives. Enterprise Value / 2025E EBITDA 47 $1,734 $
Slide 48: Pro Forma Ownership Analysis at Various Trading Prices
Pro Forma Ownership Analysis at Various Trading Prices ($ in millions, except per - share data) Source: LanzaTech management, AMCI II disclosure Note: Assumes no redemptions. Warrant dilution calculated using Treasury Stock Method 1 Assumes PIPE size of ~$125mm. 2 Assumes a Projected Financing. 3 As
Slide 49: Appendix
49 Appendix 6
Slide 50: Risk factors
Our business, results of operations and financial condition have been, and could continue to be, adversely affected by the C OVI D - 19 pandemic. We have incurred losses and anticipate continuing to incur losses. The success of LanzaTech’s plant operations is significantly dependent upon the strong
Slide 51: Risk factors
No assurances can be given that the Projected Financing will occur or with respect to the actual size, timing and form of any su ch financing. Even if we successfully develop process technologies that produce products meeting our industry partners’ specifications, the ad option of such process techn
Slide 52: Risk factors
Our government grants are subject to uncertainty, which could harm our business and results of operations. The requirements of being a public company may strain our resources and divert management’s attention, and the increases in l ega l, accounting and compliance expenses that will result from bei
Slide 53: Risk factors
We may not be able to operate our business without infringing the proprietary rights of third parties. Trade secrets can be difficult to protect and enforce, and our inability to do so could adversely affect our competitive posi tio n. If trade secrets are stolen, misappropriated or reverse engineer
AMCI Acquisition Corp. II — SPAC Merger (October 2022) on 6ix