Qiming Venture-backed greentech firm goes public via SPAC

Photo credit: T. Schneider / Shutterstock

LanzaTech, a US-based company focusing on carbon capture and transformation backed by China’s Qiming Venture Partners, has gone public through the SPAC route.

The company merged with AMCI Acquisition Corp II before listing on Nasdaq on February 10. The combined entity is named LanzaTech Global.

The listed firm issued at US$10 per share, representing a market cap of US$2 billion, according to a statement. However, its share price dropped 21% on debut.

See also: Ohmyhome IPO raises red flags

Founded in 2005, LanzaTech transforms waste carbon into sustainable fuels, fabrics, packaging, and other materials. The company has worked with major brands like Lululemon, Total, L’Oreal, and Unilever on sustainable packaging and materials.

In 2018, LanzaTech partnered with Shougang Group to launch the world’s first commercial carbon refining plant in Hebei Province, China. It subsequently added two commercial plants around the country.

Qiming led LanzaTech’s series B round in 2010 and participated in its series C and D rounds in 2013 and 2014, respectively.

This is the fourth instance of a Qiming portfolio firm going public this year, following edtech platform QuantaSing, biotech company Structure Therapeutics, and lidar solutions provider Hesai, marking a resurgence of Chinese IPOs in the US.