10:26 AM EDT, 03/25/2024 (MT Newswires) -- LanzaTech Global ( LNZA ) and Technip Energies said Monday they have been chosen by the US Department of Energy to start the negotiations process for up to $200 million in funding as part of the Industrial Demonstrations Program.

The company said the Sustainable Ethylene from CO2 Utilization with Renewable Energy, or SECURE, project aims to develop technology for producing sustainable ethylene from captured CO2 emissions, potentially creating jobs and reducing harmful emissions.

According to the DOE, the award negotiation process is initiated upon selecting a project for funding. It involves discussions between the Office of Clean Energy Demonstrations, OCED, and the selected applicant to reach a mutual agreement on various aspects of the project.

Shares of the company were up 6.6% in recent trading.

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