Ammonia-to-power technology provider Amogy Inc., Brooklyn, N.Y., on June 5 announced its $11 million Series B-2 fundraising to support commercialization and begin manufacturing of its ammonia-to-power technology, with the aim of bringing its first product to market in 2024.
After announcing $139 million from its B-1 in March (GM March 24, p. 28), Amogy closed its B-2 raise with $11 million extra, concluding its $150 million total Series B fundraising. The Series B-2 fundraising was joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corp., Mitsubishi Heavy Industries America, and Synergy Marine.
“This additional funding presents the rapidly increasing global interest in our technology and its potential to change the world, taking us one step closer to ammonia-driven decarbonization of heavy industries,” said Seonghoon Woo, Amogy CEO.
Amogy’s technology feeds liquid ammonia through 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, a system that is three times larger than the system that was field-tested on the company’s ammonia-fueled semi-truck earlier this year. Upon the successful sail of the tugboat in upstate New York, Amogy intends to present its first commercial offering in 2024.
“With its ammonia-powered semi-truck and tractor, Amogy has proven that ammonia is a viable and practical option to decarbonize the maritime industry and beyond,” said Ichiro Miyoshi, CEO of Marunouchi Innovation Partners, the General Partner of Marunouchi Climate Tech Growth Fund. “As the first investment of our newly launched fund, we hope to ensure that Amogy has the resources it needs to help the shipping industry reach its goal of zero-emissions.”