What? Between 2021 and 2024 LanzaJet managed to secure funding from a wide range of investors. Beyond financiers (e.g. Breakthrough Energy, Microsoft’s Climate Innovation Fund, Mitsui & Co. and Mitsubishi UFJ Financial Group), investors include airlines (e.g. All Nippon Airways, British Airways and Southwest Airlines), airports (Groupe ADP), OEMs (Airbus) and energy players (e.g. Shell and Suncor Energy). How? LanzaJet purposefully built a varied group of strategic investors, including prominent global companies, to create the ecosystem needed for scaling-up the SAF industry. All Nippon Airways was one of the first strategic investors back in 2019. The carrier recognized early on the need for the full industry to come together to share the risks across the value chain. One of the latest investments, made by Airbus in 2024, demonstrates the importance aircraft manufacturers can play in SAF scaling-up while developing hydrogen and battery- electric aircraft. Equity investments raised through these strategic investors form a key source of funding for projects such as the Freedom Pines plant. For that plant, this funding was complemented by a $50 million grant from Breakthrough Energy Catalyst, a $50 million loan from Microsoft Climate Innovation Fund and a $14 million grant from the US DoE. Impact: These different sources formed a robust blended finance model, helping LanzaJet achieve multiple objectives: 1 Close the green premium: By attracting loans and grants, LanzaJet was able to reduce the green premium of SAF vs. Jet A fuel, making their products more competitive in the market. 2 Spread risk across the value chain: The involvement of such a diverse set of investors has enabled LanzaJet to move the risk related to SAF scaling-up from the SAF producers to the full SAF value chain. 3 Improve confidence in Alcohol-to-Jet technology: These strategic investments helped prove to larger investors that the technology works at scale and as a result increased the likelihood of attracting more funding for future plants (beyond FOAK).CASE STUDY 5 Strategic investments in LanzaJet Secure long-term offtake agreements to pass FID Lever 5 Funding Source Public funding Industry funding Institutional funding Pathways (relevance of guideline by pathway, low = nice to have vs. high = must have) HEFA Alcohol-to-Jet G-FT Power-to-Liquid High High High High Lifecycle (relevance of guideline by pathway, low = rarely applicable vs. high = very common) Pre-feasibility Feasibility + FEED FID Construction Commissioning Low Low High Low Low One of the biggest hurdles to FID is obtaining secure long-term offtake agreements. If set up in the right way, these offtake agreements provide a predictable revenue stream for the project developer and significantly reduce demand uncertainty, making the project more attractive to investors.As explained in the World Economic Forum’s Scaling Clean Technology Offtakes: A Corporate Playbook for Net Zero,14 published in May 2024, a bankable offtake agreement is characterized by the following key components: Financing Sustainable Aviation Fuels 26

Financing Sustainable Aviation Fuels 2025