LanzaTech's Pathway to Decarbonization Pitch
Projected Need to Fund Growth
($ in millions)
2022
Investment in carbon capture
Cash Flow Projections
2022E
2023E
2024E
2025E
2026E
Total
transformation plant rollout expected
to accelerate growth
Cash Flow from Operations
CFO (excl. Working Capital)
Net A in Working Capital
$(48)
$(4)
$65
$ 184
$ 328
$ 525
(10)
(30)
(45)
(60)
(42)
(186)
2023 2024
Adjusted EBITDA nears breakeven in
2023, with positive adjusted EBITDA
expected to begin in 2024
2025
Continued strong adjusted EBITDA
growth and reduced capex spending
expected to drive significant positive
free cash flow generation
2026
Significant increase in operating and
net cash flow as business scales
Total Cash Flow from Operations
$(58)
$(34)
$ 20
$ 124
$ 287
$ 339
Cash Flow from Investing
Purchases of Property
$(20)
$(33)
$(22)
$(20)
$(23)
$(117)
Net Co-Development
(17)
(45)
(137)
18
60
Total Cash Flow from Investing
$(36)
$(78)
$(159)
$(1)
$ 37
(121)
$(238)
Cash Flow from Financing
Equity Contribution (Net)1
$ 200
$ 0
$ 0
$ 0
$ 0
$ 200
Projected Financing²
$ 125
$ 0
$ 0
$ 0
$ 0
$ 125
Total Cash Flow from Financing
$ 325
$ 0
$ 0
$ 0
$ 0
$ 325
Total A in Cash
Ending Cash Balance
$ 231
$(112)
$(139)
$123
$ 324
$ 426
359
247
108
230
554
LanzaTech
Source: Lanza Tech management
1 Assumes no AMCI stockholder redemptions. 2022E figure excludes $30mm attributable to ArcelorMittal Safe note investment in December 2021, which will convert (and be part of) PIPE proceeds.
2 Assumes Projected Financing.
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