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Ammonia-to-power company Amogy raises $139M Series B-1; led by SK
Innovation
23 March 2023
Amogy Inc., a
developer of emission-free, energy-dense ammonia power solutions (earlier
post), announced a
$139-million Series B-1 fundraising. 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.
SK Innovation had
already invested $30 million in Amogy in 2022.
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.
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.
Amogy plans to present its ammonia-powered, zero-emission tugboat in
late 2023. The system is three times larger than the system that was
field-tested on Amogy’s ammonia-fueled Freightliner Cascadia Class 8
truck earlier this year. (Earlier
post.)
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. We want to make sure Amogy has
the resources it needs to make zero-emission shipping a reality.
—Jun Kim, Vice
Chairman & CEO from SK Innovation
Green Play Ammonia™, Yielder® NFuel Energy.
Spokane, Washington. 99212
509 995 1879
Cell, Pacific Time Zone.
General office:
509-254
6854
4501 East Trent
Ave.
Spokane, WA 99212
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