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Losses widen for Carbon recycler LanzaTech

NZ NewswireNZ Newswire 12/07/2016 Fiona Rotherham

New Zealand-founded carbon recycling company LanzaTech has widened its annual loss on falling revenue as it gears up for full commercialisation of its innovative technology.

The US-based company reported a group after-tax loss of $US38.3 million ($NZ52.52 million) for the year ended December 31, 2015.

That was more that the loss of $US27.8m the year prior, taking its accumulated losses to date to $US166.8m.

LanzaTech turns waste gas from steels mills into ethanol and other high-value fuels and chemicals and was last month named on the fourth annual CNBC Disruptor 50, which includes the likes of Uber and Airbnb.

The company was founded in New Zealand 11 years ago and the parent company remains New Zealand-registered while headquarters have shifted to Illinois and it now reports in US dollars.

Directors said the continued net losses from the research and development-heavy operations in the near term, other uncertainties around raising additional funds if needed, and the timing of customer contracts, could cast doubt on the company's ability to trade on as a going concern.

But after reviewing existing working capital against the group's operating requirements, they said they have a "reasonable expectation" there'll be sufficient funds and current and projected customer contracts to continue at present activity levels for at least the next financial year.

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