LanzaJet, a Chicago, IL-based fuels technology company and producer, has raised $47 million in new funding, led by IAG and Shell.
The round also saw participation from Groupe ADP, LanzaTech, and Mitsui.
The round marks the first close of a $135 million equity investment, with a pre-money valuation of $650 million.
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The company plans to use the funds to support current and future commercial deployments of its ATJ technology, with existing shareholders increasing their investment to back LanzaJet’s growth and operations at LanzaJet Freedom Pines Fuels in Soperton, Georgia, USA — the world’s first fully integrated, commercial-scale ethanol-to-fuels plant.
LanzaJet, Inc. is a leading next-generation fuels technology company and fuels producer. Continued investment from industry leaders shows strong confidence in sustainable aviation fuel and LanzaJet’s proprietary ATJ technology. The funding will support current and future commercial deployments of its ATJ technology, helping the company expand its global opportunities.
As part of this funding round, LanzaJet is launching a multi-year tolling agreement at its LanzaJet Freedom Pines Fuels facility. Under the agreement, the company will use low-carbon, waste-based ethanol made in the U.S., along with renewable natural gas from a nearby plant, to produce sustainable aviation fuel (SAF) and renewable diesel. This structure secures a steady supply of feedstock and guarantees offtake for all fuel produced at the plant.
Jimmy Samartzis, Chief Executive Officer of LanzaJet, said the company has reached an important milestone. At the end of 2025, LanzaJet fully operated and produced ASTM-certified fuel at its Freedom Pines Fuels plant, marking the world’s first commercial-scale production of jet fuel made from ethanol and the first scalable, non-oil-based renewable fuel compatible with today’s aircraft. He added that the decision by existing investors to lead this funding round shows strong confidence in the company’s technology and highlights LanzaJet’s commitment to creating new value for ethanol, supporting economic growth, and shaping the future of transportation fuels.
As part of this funding round, LanzaJet streamlined its ownership and governance structure to improve decision-making, support growth, and attract future investors.
About LanzaJet
Founded by CEO Jimmy Samartzis, LanzaJet is a leading alternative fuels technology company with patented ethanol-based alcohol-to-jet (ATJ) technology. The company supports economic growth, energy security, decarbonization, and national security by expanding the production and use of Sustainable Aviation Fuel (SAF) and other alternative fuels. LanzaJet is backed by investors and partners including Airbus, All Nippon Airways, Breakthrough Energy, International Airlines Group, Groupe ADP, LanzaTech, Microsoft’s Climate Innovation Fund, Mitsui & Co., MUFG, Shell, Southwest Airlines, the U.S. Department of Energy, and the UK Department for Transport. The company has also been recognized by TIME, Fortune, MIT, Reuters, and S&P Global for its impact.
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