Amogy secures U$139m in Series B-1 funding for ammonia power solutions
Amogy, a developer of energy-dense ammonia power solutions, has raised U$139m in Series B-1 fundraising in a round led by SK Innovation. Amogy will use the funding for organizational development in addition to supporting the commercialization and manufacturing of the company’s ammonia-to-power technology. The first product is expected to be brought to market in 2024.
The company’s highly efficient ammonia-to-power technology feeds liquid ammonia through Amogy’s cracking modules integrated into a hybrid fuel cell system. This then provides power to electric motors for zero-carbon transportation, including shipping.
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Amogy plans to showcase its ammonia-powered, zero-emission tugboat in late 2023. The system on board the vessel is claimed to be three times larger than the system field-tested on an ammonia-fueled semitruck earlier this year. Following a successful demonstration of the tugboat, Amogy intends to reveal its first commercial offering in 2024.
The latest funding round included investors Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL Plus, Yanmar Ventures, Zeon Ventures and DCVC.
“We are working from a place where we have no doubt that our technology will change the world,” said Seonghoon Woo, CEO of Amogy. “In 2021, CO2 emissions from transportation in the USA totaled 1.7 BMT – the most from any sector of the economy. This funding will help us to see our mission through of forging a path toward net zero 2050, and in turn make the world more sustainable. We greatly appreciate the investors sharing our bold mission, and we are laser-focused to bring our technology to market.”
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry,” added Jun Kim, vice chairman and CEO, SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
Click here for a video outlining the company’s plans.
