HOUSTON, March 25, 2024 (GLOBE NEWSWIRE) -- Today, Technip Energies and LanzaTech Global, Inc. (NASDAQ: LNZA) were selected by the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations to begin award negotiations for up to $200 million in Bipartisan Infrastructure Law and Inflation Reduction Act (IRA) funding as part of the Industrial Demonstrations Program (IDP).
The project SECURE - standing for Sustainable Ethylene from CO2 Utilization with Renewable Energy - aims to develop a transformational technology to produce sustainable ethylene from captured carbon dioxide (CO2). Technip Energies and LanzaTech announced their Joint Collaboration Agreement to create this new pathway to sustainable ethylene at commercial scale in July 2023.
Estimated to reach a $200 billion market by 2030 and with a global demand of over 231 million tons per year, ethylene is the key building block for thousands of chemicals and materials and is often called the "world's most important chemical". This new joint technology will be developed in the U.S. for integration directly into existing commercial ethylene crackers, whereby it will capture CO2 emissions from the process and convert them into sustainable ethylene.
Arnaud Pieton, CEO at Technip Energies, stated: "We are extremely proud to have been selected by the DOE for this significant award consideration. Together with LanzaTech, our plan is to fully test and develop this breakthrough technology, at scale, in an actual plant, which can then be replicated in other facilities. Carbon utilization and the ability to decarbonize ethylene will have a significant impact on the chemicals industry's emissions abatement, which is a benefit to us all."
Dr. Jennifer Holmgren, CEO of LanzaTech, said: "The DOE's Industrial Demonstrations Program is climate leadership in action. We look forward to developing a replicable, breakthrough solution with Technip Energies that creates high-quality jobs and supports local communities for a just energy transition."
U.S. Secretary of Energy Jennifer M. Granholm said: "Spurring on the next generation of decarbonization technologies in key industries like steel, paper, concrete, and glass will keep America the most competitive nation on Earth. Thanks to President Biden's industrial strategy, DOE is making the largest investment in industrial decarbonization in the history of the United States. These investments will slash emissions from these difficult-to-decarbonize sectors and ensure American businesses and American workers remain at the forefront of the global economy."
If awarded, up to $200 million is expected to fund the design, engineering, construction, and equipment for a commercial-scale integrated technology unit in the U.S. Leveraging Technip Energies' substantial industry expertise, this integrated solution has significant replication potential for ethylene crackers worldwide. Globally, there are an estimated 370 ethylene steam crackers, over 40% of which use Technip Energies' technology, including 8 in the US.
Project SECURE expects to provide 200 construction jobs and 40 permanent jobs with benefits and training opportunities. Once the site is finalized, the project aims to hire from the local area with a focus on residents of disadvantaged communities. Technip Energies and LanzaTech plan to approach community groups, unions, and labor groups to negotiate, review, and update agreements for quality jobs and community collaboration at the host site. The project was selected as one of 33 projects across more than 20 states to receive up to a total of $6 billion to demonstrate commercial-scale decarbonization solutions needed to move energy-intensive industries toward net-zero while strengthening local economies, creating, and maintaining high-quality jobs, and slashing harmful emissions that jeopardize public health.
Learn more about IDP and projects selected for award negotiations here.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients' innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts ("ADR") program, with its ADRs trading over-the-counter. For further information: www.ten.com.
About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable raw materials for everyday products. Using its commercial biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, and On, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.
Contacts
| Technip Energies | LanzaTech |
| Investor relations | Investor Relations |
| Phil Lindsay Vice President Investor Relations Tel: +44 203 429 3929 Email: Phillip Lindsay | Omar El-Sharkawy VP, Corporate Development lanzatechIR@icrinc.com |
| Media relations | Media relations |
| Jason Hyonne Public Relations Manager Tel: +33 1 47 78 22 89 Email: Jason Hyonne | Kit McDonnell Director of Communications Email: press@lanzatech.com |
Important Information for Investors and Securityholders
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Lanzatech Forward-Looking Statements
This press release includes forward-looking statements regarding LanzaTech based on the beliefs and assumptions of its management. Although LanzaTech believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, LanzaTech cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. You should not put undue reliance on these statements, which speak only as of the date hereof. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
