Woodside partners with US form for CCUS
PERTH (miningweekly.com) – Energy major Woodside has announced a strategic collaboration with US-based carbon capture and transformation company LanzaTech.
Under the terms of a strategic framework agreement signed this week, and subject to a positive final investment decision, Woodside will collaborate with LanzaTech on the design, construction, ownership and maintenance and operation of pilot facilities relating to LanzaTech’s technologies.
The strategic framework agreement also allows Woodside and LanzaTech to explore opportunities for the potential commercial scale-up of LanzaTech’s technology, which seeks to convert greenhouse gas emissions into new products.
Meanwhile, Woodside has also entered into a subscription agreement for a $50-million investment in Nasdaq-listed AMCI Acquisition Corp II, with which LanzaTech is expected to merge.
The strategic framework agreement and Woodside’s investment are conditional on closing of the proposed business combination between LanzaTech and AMCI. Upon closing, the combined company is expected to trade on Nasdaq under the ticker symbol LNZA.
The collaboration with Woodside is expected to unlock significant value for LanzaTech, allowing LanzaTech to expand the applications of its technology to different feedstocks and rethink waste management systems.
Woodside said in a statement on Tuesday that the two companies expected to further collaborate to explore and develop additional products from greenhouse gas emissions.
“As the energy transition advances, we anticipate increasing demand for carbon capture, use and storage (CCUS). LanzaTech have an innovative approach towards not just reducing greenhouse gas emissions but transforming them into useful products,” Woodside CEO Meg O’Neill said.
“Their skill set in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering offers a potential opportunity to realise this aspiration.
“This is a step forward in achieving our goal of building a new energy portfolio centred on profitably investing in the products and services to support our customers’ chosen decarbonisation pathways.”
“We are excited to be part of Woodside Energy’s journey as they build a portfolio of lower-carbon services,” said LanzaTech CEO Dr. Jennifer Holmgren.
“Conversion of greenhouse gases into value added products unlocks multiple benefits for our environment. With both this collaboration agreement and new investment, we see the potential to work together to reduce emissions and repurpose carbon into useful products.”
