LanzaTech (LNZA) said Tuesday it plans to spin out its synthetic biology unit LanzaX through a partnership with Tharsis Capital to prioritize its primary biorefining operations.
The spin-out will transfer more than 30 employees and existing contracts to LanzaX, aiming to reduce LanzaTech's annual costs by $8 million, the company said.
Timing of the move was described as "in the coming months."
LanzaTech added Tharsis Capital will support LanzaX in securing investments for its pipeline, which includes biochemicals and specialty products.
The company said it appointed Justin Pugh as interim CFO, succeeding Geoff Trukenbrod, effective immediately, who previously worked for FTI Capital Advisors in the same capacity.
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