LanzaTech

Alcoa's aluminum.

LanzaTech, and then Evonik Industries.

That's, uh, one out of Europe that are special chemicals for amorphous silica particles.

So there are ways to make money on your own misery, people.

But when everything fell between the Cleantech 1.0 and Climate 2.0, this was a very creative way of developing the technology and commercializing the ethanol piece of it in China by partnering with the steel companies there.

Now, LanzaTech has an ownership in the China entity, but what it has also helped is show the world that ethanol that you produce using LanzaTech technology can be highly, highly profitable.

Now, as the next step, the company is really about taking that ethanol to make SAF, which is what they've built in the Georgia Atlanta facility through Lanza Jet, which Lanza Tech owns 47% of it.

So it helped us commercialize that piece of manufacturing SAF as well.

And once you get accepted in something like EU and the UK, you kind of get a stamp of approval and people start to think about how do you think about this product? What does it mean? What could it do for me? And so we hope it opens up more markets.

I think one of the very interesting components of the LanzaTech story is really the embedded value looking beyond your core business.

So you've built up valuable assets and partnerships, including LanzaJet, which I think some listeners might be more familiar with.

And you also have the Shugong, LanzaTech joint venture, CarbonSmart, ethanol, quite a few things to unpack there.

But how should investors think about the embedded value from these assets?

Yeah, I think we should think about it as a platform.