10:54 AM EDT, 10/16/2024 (MT Newswires) -- LanzaTech Global ( LNZA ) said Wednesday that it was awarded $3 million from the US Department of Energy's Office of Fossil Energy and Carbon Management to advance the conversion of waste carbon dioxide into chemicals.

The award is part of a larger $29 million investment program by the Department of Energy's office to advance carbon management priorities, according to the company.

The project will be funded on a cost-sharing basis with LanzaTech putting in about $800,000 of the $3.8 million total, the company said, adding that most of the revenue related to the project is forecast to be received and contribute to results in 2025 and 2026.

Shares of the company were up over 18% in recent trading.

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