Amogy secures $139 million Series B-1 round funding to support ammonia-to-power technology

Amogy, a company specialising in ammonia power solutions, has announced its $139 million Series B-1 fundraising, led by SK Innovation and joined by other global investors, which will enable the company to continue its organisational development to support commercialisation and begin manufacturing of its innovative ammonia-to-power technology.
Amogy secures $139 million Series B-1 round funding to support ammonia-to-power technology
Amogy's technology could help to power electric motors for zero-carbon transport such as shipping.

The funding will enable Amogy to bring its first product to market in 2024. The company’s highly-efficient 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 - 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 and more.

“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 through 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.”

Dongsoo Kang, Head of Portfolio Divisional Group from SK Innovation, added that Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel.

“We believe that it will revolutionise not only the maritime industry, but the entire transportation industry” said Mr Kang. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”

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