The ammonia power solutions provider Amogy Inc. announced yesterday that it has raised $139 million in a Series B-1 round of funding.
The round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC. This funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.
In 2021, CO2 emissions from transportation in the United States totaled 1.7 BMT — the most from any sector of the economy. This funding will help us to see our mission of forging a path toward net-zero 2050 through and in turn, make the world more sustainable.
…said Seonghoon Woo, CEO of Amogy.
Amogy’s ammonia-to-power technology feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system, which powers electric motors for zero-carbon transportations including shipping. Earlier this month, Amogy announced that it will present its ammonia-powered, zero-emission tugboat in late 2023.
Formerly, Amogy had announced a strategic partnership and technology deployment project with Southern Devall, for the former’s ammonia-to-power system to be integrated into a tank barge.
Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024 and more.
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
…said Jun Kim, Vice Chairman & CEO from SK Innovation.
