Confidential

LanzaTech

Scale-Up and Commercialization

July 24th, 2017

2015 LanzaTech. All rights reserved.1

The LanzaTech process is driving innovation

Gas Feed Stream

Gas Reception Compression Fermentation Recovery ProductTank

• Process recycles waste carbon into fuels and chemicals

• Process brings underutilized carbon into the fuel pool via industrial symbiosis

• Potential to make material impact on the future energy pool (>100s of billions of gallons per year)

Novel gas fermentation

technology captures CO-rich

gases and converts the carbon

to fuels and chemicalsProprietary

Microbe

Gases are the soleenergy and carbon source

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BiogasLFG, Methane

BiomassSolid WasteIndustrial, MSW, DSW

Waste carbon streams as a Resource

CO2

CO CO + H2 CO + H2 + CO2 CO2 + H2 CO2 + H2O + e-

Gas Fermentation

Reforming Gasification Renewable

ElectricityRenewable H2

Industrial Waste Gas

Steel, PVC, Ferroalloys

Available Most Point SourcedHigh Volume/Low Intrinsic Value

Non-Food

*2010 global production; 2012 proven gas reserves data (IEA, UNEP, IndexMundi, US DOE Billion Ton Update)

~ 1.4B MTA (Steel only) * ~184.2T M3 * >1.3B MTA (US Alone) *>2B MTA *

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Scale-up of the LanzaTech technology – Building confidence

Commercial Scale-up Factor Less Than

What Has Been Proven at Demo Scale

Lab

2005~0.5-1 kg/day

Pilot

200850-100 kg/day

50 X Demo

2012~1500 kg/day

32 X Commercial

2017~300,000 kg/day

25 XStrain

Development

State-of-the-art gas fermentation

facilities with over 40 dedicated reactors

• Total gas composition flexibility• Online analytics and control (gas, biomass, metabolites)• Multiple reactor configurations

Lab operated primarily on Glenbrook steel mill gas 2007-2014

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Building Experience

•4 pilot/demo units; 2 @ 400k lpy capacity•Over 40,000 combined hours on stream•Multiple runs exceeding 2000 hours•3 commercial projects past basic engineering design; 2 permitted; 1 LLE ordered

Field experience since 2008

•Continuous, stable ethanol production from synthetic refinery off gas in lab•High CO2 utilization (>45% of carbon fixed from CO2)

Lab and engineering/design experience since 2015

•MSW Pilot facility in operation•2 commercial plants in basic engineering design•Over 15,000 combined hours on stream since 2015

Field experience since 2014Steel (CO)

Refinery Gas(CO+H2+CO2)

Syngas (CO+H2)

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Multiple successful pre-commercial steel mill demonstrations

Performance milestones exceeded

First commercial in construction; fully financed in China

Shougang

BaoMitigating Scale up Risk through

Successful Technology Demonstration

WBT (CSC/LCY)

Glenbrook

Exceeded design capacity

Local chemicals, water

Business Confidential 7

2012 design

2014 Design

2010-2012

2010 design

2010 design

Model Application – reactor scaling-up

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Building Confidence - Gas Testing Station (GTS)

Portable (4 x 4 x 5ft), self-contained, gas fermentation apparatus.

1) Confirm compatibility of site process water with the LanzaTech process.

2) Confirm compatibility of untreated site gas with the LanzaTech process.

3) If unsuccessful, test treated site gas and analyse

4) If successful, expand test to other gases potentially available for the commercial installation.

*Each exposure test runs minimum 7 days to allow potential accumulation of minor contaminants into the liquid phase. Samples can be sent to an independent laboratory to confirm metabolites.

Exposure rather than full performance test

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Gas Testing Station (GTS) – designed & built in house

On site deployment – 6th successful deployment in 6th country, 2 more scheduled

Patent pending

On site technology compatibility testing

Valuable insight generated using raw

untreated industrial process gas

Overall project de-risking

On site gas composition monitoring

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Diverse global on-site process demonstration

South Africa2017

USA2016

Kazakhstan2014

Belgium2016

France2016

Netherlands2017

76,000 kilometers traveled! Nearly enough to go around the Earth twice!

Proven process demonstration on numerous gas streams:• Steel mill off-gas• Gasified agricultural biomass• Chemical process off-gas• Ferroalloy production off-gas

Flexibility - LanzaTech Collaboration Model Options

Joint Development: Fund development and get commercial

advantages (ie. preferred pricing)

Off Take: Buy product at agreed

price

Financing: Equity in a commercial

project or LanzaTech

Flexible Collaboration Models

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Questions?

Gas Feed Stream

Gas Reception Compression Fermentation Recovery ProductTank