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- LanzaJet
LanzaJet Acquisition, Valuation, Funding & Investors
LanzaJet was acquired by LanzaTech in December 2025.
Cumulative funding LanzaJet raised
$184M
across 3 funding rounds
Key investors in LanzaJet
Mitsui & Co
Groupe ADP
Microsoft Climate Innovation Fund
MUFG
Shell
IAG
Suncor Energy
All Nippon Airways Trading
About LanzaJet
LanzaJet is a Chicago-headquartered producer of sustainable aviation fuels using the Alcohol-to-Jet technology licensed from PNNL. The company transforms ethanol from waste sources into drop-in jet fuel. LanzaJet operates the Freedom Pines Fuels plant in Soperton, Georgia, and partners with British Airways and Mitsui for commercialization.
Founded
2020
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$650M (Feb 2026)
LanzaJet Acquisition
LanzaJet was acquired by LanzaTech for an undisclosed price on 22 December 2025.
Before the acquisition LanzaJet had raised $184M across 3 funding rounds.
LanzaJet, a sustainable aviation fuel (SAF) technology company with patented alcohol-to-jet (ATJ) technology that converts ethanol into jet fuel, completed a Series A funding round in late 2025 with a $650 million pre-money valuation. LanzaTech Global, the parent company that had previously owned approximately 53% of LanzaJet, participated in the Series A by investing $2.0 million to purchase 455,522 shares of Series A Preferred Stock at $4.390563 per share, while simultaneously converting 60.3 million common shares into newly created Class C common stock. The round was led by strategic investors including International Airlines Group (IAG), Shell, Groupe ADP, and Mitsui, alongside returning backer LanzaTech, reflecting strong industry confidence in LanzaJet's commercial-scale sustainable fuel production capabilities. Following the transaction, LanzaTech's fully diluted ownership stake in LanzaJet was reduced from approximately 53% to 46%, transitioning the investment to equity-method accounting treatment while maintaining one board seat and the chair role. The capital raise supports deployment of LanzaJet's proprietary ATJ technology and operationalization of the LanzaJet Freedom Pines Fuels facility, which achieved commercial-scale production of ASTM on-spec jet fuel using ethanol feedstock at the end of 2025—marking the world's first production of jet fuel from ethanol at commercial scale. Under a multi-year tolling structure, the facility will process low-carbon, waste-based ethanol sourced domestically in the U.S. alongside renewable natural gas to produce sustainable aviation fuel and renewable diesel, with guaranteed offtake agreements providing secured feedstock supply and production commitments.
| Acquirer | Date | Type |
|---|---|---|
| 22 Dec 2025 | Strategic M&A |
LanzaJet Valuation
LanzaJet is currently valued at $650M, based on its strategic investment round in February 2026.
The $34M round was led by IAG and Shell, with participation from LanzaTech, Groupe ADP and Mitsui & Co.
LanzaJet's valuation has moved from $650M at its strategic investment round in February 2024 to $650M in February 2026, across 2 priced rounds.
LanzaJet valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2026 | Strategic investment | $650M |
| Feb 2024 | Strategic investment | $650M |
LanzaJet Funding History
LanzaJet has raised a total of $184M across 3 funding rounds.
LanzaJet's first fundraising round was a $50M undisclosed-stage round in June 2020. The most recent completed round was a $34M strategic investment round in February 2026.
LanzaJet funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2026 | Strategic investment | IAG (lead); Shell (lead); LanzaTech; Groupe ADP; Mitsui & Co | $34M | $650M | LanzaJet is a leading sustainable aviation fuel (SAF) technology company developing proprietary alcohol-to-jet (ATJ) technology that converts ethanol to jet fuel. The company operates the Freedom Pines Fuels facility in Georgia, described as the world's first fully integrated commercial-scale ethanol-to-jet facility, and is developing Project Speedbird, a major SAF biorefinery in Teesside, United Kingdom. On February 19, 2026, LanzaJet announced the first close of an overall $135 million target equity investment round at a $650 million pre-money enterprise valuation. The round was co-led by International Airlines Group (IAG) and Shell, with participation from existing investors Groupe ADP, LanzaTech, and Mitsui. This first close raised approximately $47 million in new capital, combined with a substantial grant from the UK Department for Transport's Advanced Fuels Fund to accelerate Project Speedbird development. As part of the funding round, LanzaJet entered into an innovative multi-year tolling structure at its Freedom Pines Fuels facility. Under these agreements, LanzaJet will use low-carbon, waste-based ethanol produced domestically in the U.S. and renewable natural gas to produce low-carbon SAF and renewable diesel fuel, with secured feedstock supply and guaranteed offtake of all production. The tolling arrangement is intended to de-risk projects and attract lower-cost capital while supporting a transition to U.S.-produced waste-based ethanol. LanzaJet is supported by a broad ecosystem of industry leaders and strategic investors including Airbus, All Nippon Airways, Breakthrough Energy, Microsoft's Climate Innovation Fund, MUFG, and Southwest Airlines. The continued investment from these partners underscores strong confidence in the future of sustainable aviation fuel and LanzaJet's ATJ technology for decarbonizing aviation fuel supply chains. |
| Feb 2024 | Strategic investment | Groupe ADP (lead); Microsoft Climate Innovation Fund (lead); MUFG (lead); Southwest Airlines (lead) | $100M | $650M | LanzaJet is a leading sustainable fuels technology company specializing in patented ethanol-based Alcohol-to-Jet (ATJ) technology for producing sustainable aviation fuel (SAF) and renewable diesel, with its first commercial-scale plant, Freedom Pines Fuels, operational in Soperton, Georgia since January 2024. The company aims to scale global deployment of its technology to support decarbonization in aviation. In a February 19, 2026 announcement, LanzaJet disclosed the first close of an equity round at a $650 million pre-money valuation, raising $47 million in new capital including a UK government grant. This round was co-led by International Airlines Group (IAG) and Shell, with participation from existing investors Groupe ADP, LanzaTech, and Mitsui, funding growth and commercial deployments like Project Speedbird in Teesside, UK. LanzaJet's investor base includes major aviation and energy players such as Airbus, All Nippon Airways, Breakthrough Energy, IAG, Groupe ADP, LanzaTech, Microsoft's Climate Innovation Fund, Mitsui & Co., MUFG, Shell, and Southwest Airlines. Earlier investments included $20 million from Groupe ADP in May 2024 to expand SAF technology deployment and airport logistics integration, an undisclosed amount from Microsoft's Climate Innovation Fund around the same period to support scaling and AI integration, following their $50 million project finance in 2022 for Freedom Pines. LanzaJet has ambitious goals like one billion gallons of SAF production by 2030 and focuses on economic development, energy security, and national security through SAF acceleration. The 2026 financing underscores industry confidence in ATJ technology amid growing demand for SAF to meet net-zero targets. |
| Jun 2020 | Undisclosed stage | Mitsui & Co (lead); Suncor Energy (lead); All Nippon Airways Trading | $50M | - | - |
Who has invested in LanzaJet?
10 investors have backed LanzaJet across its funding rounds, including Mitsui & Co, Groupe ADP, Microsoft Climate Innovation Fund, MUFG, Shell and IAG.
Lead investors include IAG, Shell, Groupe ADP, Microsoft Climate Innovation Fund, MUFG and 3 other investors.
LanzaJet Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Feb 2024 | ||
| 2 | Lead | Jun 2020 | ||
| 1 | Lead | Jun 2020 | ||
| 1 | Lead | Feb 2024 | ||
| 1 | Lead | Feb 2026 | ||
| 1 | Lead | Feb 2024 | ||
| 1 | Participant | Feb 2026 | ||
| 1 | Lead | Feb 2026 | ||
This data is available for Pro users. Sign up to see all 10 LanzaJet investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLanzaJet Competitors
LanzaJet competitors include listed companies like Array Technologies and West Holdings, and private ones like Amogy, Fulcrum Bioenergy, HIF Global and Arbor Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Private | - | - | $603M | - | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $340M | - | ||
| Publicly listed | $1.3B | $34M | $650M | 1.1x | ||
| Publicly listed | $304M | $74M | $571M | 2.7x |
LanzaJet Public Comps
LanzaJet is no longer listed, but its public comps include Array Technologies, Granite Ridge Resources, VAALCO Energy, Bannerman Energy, EnQuest, PNEGroup, General Fusion, PetroRecôncavo, Shizuoka Gas Co and Zhejiang Netsun.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $34M | 1.2x | 1.1x | 47.5x | 7.5x | |||
| $450M | $273M | 2.4x | 2.0x | 3.9x | 3.1x | |||
| $359M | $92M | 2.5x | 2.1x | 9.7x | 4.7x | |||
| - | ($7M) | - | - | (83.0x) | (83.0x) | |||
| $1.1B | $894M | 1.4x | 1.3x | 1.7x | 2.5x | |||
| $265M | $49M | 5.7x | 3.7x | 31.0x | 14.7x | |||
| - | ($25M) | - | - | (28.3x) | - | |||
| $614M | $339M | 1.5x | 1.6x | 2.8x | 3.3x | |||
This data is available for Pro users. Sign up to see all LanzaJet competitors and their valuation data. Start Free Trial | ||||||||
Common questions about LanzaJet
| When was LanzaJet founded? | LanzaJet was founded in 2020. |
| Where is LanzaJet headquartered? | LanzaJet is headquartered in Quad Cities, IL, United States. |
| Is LanzaJet publicly listed? | No, LanzaJet was acquired by LanzaTech in December 2025. |
| Who acquired LanzaJet? | LanzaJet was acquired by LanzaTech in December 2025. |
| What is LanzaJet's valuation? | LanzaJet was last valued at $650M in its strategic investment round in February 2026. |
| How much funding has LanzaJet raised? | LanzaJet has raised $184M across 3 funding rounds. |
| What was LanzaJet's last funding round? | LanzaJet's last funding round was a $34M strategic investment round in February 2026, led by IAG and Shell. |
| Who are LanzaJet's investors? | LanzaJet's investors include Groupe ADP, Mitsui & Co, Suncor Energy, MUFG, Shell, Microsoft Climate Innovation Fund, LanzaTech, IAG, Southwest Airlines and All Nippon Airways Trading. |
| Which companies are comparable to LanzaJet? | Companies comparable to LanzaJet include Amogy, Fulcrum Bioenergy, HIF Global, Arbor Energy, Array Technologies and West Holdings. |
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