LanzaJet has announced the first close of a planned $135 million equity fundraising at a pre-money enterprise valuation of $650 million, as the sustainable aviation fuel (SAF) developer advances commercial deployment of its alcohol-to-jet (ATJ) technology.
The round is co-led by International Airlines Group (IAG) and Shell, with additional participation from existing shareholders Groupe ADP, LanzaTech and Mitsui. The proceeds will support ongoing operations and growth at LanzaJet Freedom Pines Fuels in Soperton, Georgia — described as the world’s first fully integrated, commercial-scale ethanol-to-fuels plant — and fund future project development globally.
Separately, the company has previously secured a grant from the UK Department for Transport’s Advanced Fuels Fund to advance Project Speedbird, a proposed SAF biorefinery in Teesside. Combined with the initial equity close, this brings $47 million in new capital.
Chief executive Jimmy Samartzis said the company had reached “a pivotal moment”, noting that by the end of 2025 the Freedom Pines facility had produced ASTM on-specification fuels, marking the first commercial-scale production of jet fuel from ethanol feedstock. He said continued backing from existing investors reinforced confidence in the company’s technology and its role in expanding low-carbon fuel supply.
As part of the financing, LanzaJet is introducing a multi-year tolling structure at the Georgia facility. Under the arrangement, the plant will process domestically produced, waste-based ethanol and renewable natural gas to produce low-carbon SAF and renewable diesel. The structure secures feedstock supply and guarantees offtake for the facility’s output.
The company said it has also streamlined its ownership and governance framework to strengthen decision-making and support future capital raising.
