LanzaTech's China JV Goes Public

Beijing Shougang LanzaTech Technology, a joint venture between Chinese steelmaker Shougang and carbon-recycling company LanzaTech, completed its initial public offering on the Hong Kong Stock Exchange, raising approximately US$75 million and trading under stock code 02553. LanzaTech, which held a 9.31% stake ahead of the offering, now holds approximately 8.38% of the JV's issued share capital and received no proceeds itself.

What the JV Actually Does

Shougang LanzaTech uses gas-fermentation technology to convert carbon-containing industrial off-gas, primarily emissions from steel and ferroalloy mills, into ethanol and microbial protein, using engineered microbes rather than chemical catalysis. The venture operates four commercial facilities in China and reported annual revenue of roughly US$77 million to US$87 million across 2023 to 2025, a track record of actual commercial deployment that is unusual among carbon-utilisation companies still largely pre-revenue.

The SAF Angle Sits in the Ethanol

The ethanol Shougang LanzaTech produces today is sold mainly for automotive fuel and as feedstock for consumer products such as fragrances and cleaning agents. Its more consequential long-term application is as feedstock for ethanol-to-jet SAF, a pathway already certified under ASTM standards, meaning no new fuel-certification hurdle stands between this ethanol and aviation fuel supply chains. Whether that potential converts into actual SAF offtake depends on the JV scaling throughput and securing buyers with compliance obligations, most plausibly in Europe under CORSIA and EU mandates.

Why a Public Listing Matters for the Sector

Comparable pure-play SAF and carbon-utilisation companies remain thin on public markets. LanzaJet, the SAF-upgrading business LanzaTech also holds a stake in, is not yet listed. Shougang LanzaTech's listing therefore gives the wider industry one of its first liquid reference points for how public markets price industrial-scale carbon recycling, ahead of any of the pure-SAF plays currently under development across Asia reaching that stage themselves.

Source: Trading View, 3 June 2026.