Ammonia-to-power technology provider Amogy Inc., Brooklyn, NY, on March 22 announced its $139 million Series B-1 fundraising to enable the company to advance commercialization and bring its first product to market in 2024. 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.
“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 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, 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 feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system, which powers electric motors for zero-carbon transportations, including shipping. Amogy plans to present its ammonia-powered, zero-emission tugboat in late 2023 – which is three times larger than the system that was field-tested on Amogy’s ammonia-fueled semi truck earlier this year. Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024.
Yara Clean Ammonia (YCA) will provide green ammonia for the demonstration. “We are excited to be a part of Amogy’s tugboat project and to deliver green ammonia as a fuel for the world’s first vessel powered by ammonia,” said Magnus Ankarstrand, YCA President. “Yara Clean Ammonia plans to launch the world’s first Ammonia Bunker Network in Scandinavia, which is expected to expand YCA’s capacity to produce and ship ammonia globally.”
“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. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”