LanzaTech licenses a proprietary gas fermentation technology that converts waste industrial gases — primarily CO, CO₂, and H₂ from steel mills, ferroalloy plants, and refineries — into ethanol and other chemicals. The core process uses specialized microbes to consume waste gas streams that industrial operators would otherwise vent or flare, producing ethanol as a metabolic byproduct. That ethanol can be used as fuel or converted into downstream products including SAF, diesel, ethylene, and various petrochemical substitutes. LanzaTech licenses this technology to industrial partners, who build and operate the fermentation plants themselves, keeping LanzaTech's model capital-light. Revenue comes from royalties on plant output, ongoing sales of proprietary microbial cultures, software and technical support, and engineering and R&D services. Six commercial plants are currently operating — four in China, one in India, and one in Belgium — having collectively produced over 139M gallons of ethanol. LanzaTech also holds a roughly 46% stake in LanzaJet, a spin-off that converts ethanol into SAF and renewable diesel via an Alcohol-to-Jet process. Together, they market an end-to-end solution called CirculAir, taking waste gas all the way through to finished aviation fuel. LanzaJet operates a demonstration facility in Soperton, Georgia, and counts British Airways, Mitsui, Shell, and Suncor as investors. LanzaTech's long-term revenue scales with the number of plants operating and producing, since royalties and microbe supply are tied to plant throughput. LanzaTech is shifting focus from R&D toward global deployment, targeting new geographies and feedstocks including gasified municipal solid waste and CO₂ paired with green hydrogen.