LanzaTech turns waste gas from steel mills into ethanol and other high-value fuels and chemicals, and announced last year it had teamed with Indian researchers to develop a way to use carbon dioxide emissions to produce omega-3 rich fatty acids, using the firm's unique microbial process.
Earlier this year, the company said it had other full-scale commercial plants in the pipeline following a decision by China Steel Corp to invest US$46 million in a commercial-scale ethanol facility in Taiwan, using steel mill off gases for ethanol production.
Construction is due to start on the new 50 metric ton facility in the last quarter of this year and LanzaTech said other pilots likely to be scaled up include one with BaoSteel in China.
Lanzatech was founded 10 years ago in New Zealand and the parent company remains in this country while headquarters have been shifted to the US.
Last month it appointed Jean Paul Michel, the former chief operating officer at lighting company OSRAM, as executive vice president strategy, finance, and operations to lead a new team coordinating the company's core support functions as it enters the commercialisation phase.
In the annual accounts filed today, the group reported net operating cash outflow for the 2014 year of $30.5 million.
LanzaTech owed $10.3 million in outstanding third party loans while holding $109 million in cash and cash equivalents at the end of December following further capital raising during the year.
The company has so far raised more than US$200 million from investors including US$60 million from the New Zealand Superannuation Fund last December, which became the second largest shareholder after Silicon Valley-based Kholsa Ventures.
Directors said the group had experienced, and is expected to continue to experience, net losses from operations for the foreseeable future.
However they considered "the continued adoption of the going concern basis is appropriate based on a reasonable expectation that there will be sufficient funds to enable the group to continue operations at existing levels for the foreseeable future", and for the next year at least.
As at the end of 2014, the group and parent had $92 million and $40 million respectively of unrecognised tax losses.
During the year the NZ parent transferred $3.3 million worth of property and equipment to its American subsidiary, LanzaTech, Inc and research and development facility, the Freedom Pines Biorefinery, at the net book value of the assets.
As at December 31 the company was involved in legal proceedings in the US relating to a claim against it for US$526,000 plus interests and plaintiff's costs, for an alleged broker commission owed by LanzaTech to the plaintiff in relation to its lease agreement for new premises in Skokie, Illinois.
LanzaTech has argued no commission is payable as claimed, is "vigorously contesting" the allegations, and has filed a counterclaim and third party claim against an affiliate of the plaintiff.
At this stage, the company said it couldn't estimate the likelihood or amount of any potential loss, if any, from the suit and has not accrued for any potential exposure in its accounts.
