Amogy, a clean fuel tech startup focused on transportation decarbonisation, said it has raised $139 million to support commercialising its emissions-free ammonia-to-power technology.
SK Innovation led the series B-1 funding round, joined by Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures, and DCVC.
This finance will allow Amogy to continue its organisational development to support commercialisation, manufacturing ammonia-to-power technology, and launching its first product in 2024.
Ammonia may appear to be an unusual fuel to help reduce greenhouse-gas emissions. Yet, it has the potential to play a critical role in decarbonising global shipping by use of the chemical for fuel cells that promise even more significant emissions cuts.
A fuel cell ship has ammonia storage tanks and a reactor that breaks down ammonia to generate nitrogen and hydrogen. The hydrogen would then be shuttled to the fuel cell, combining with oxygen to produce water and electricity to power the ship.
Amogy’s ammonia-to-power technology feeds liquid ammonia into a hybrid fuel cell system, which powers electric motors for zero-carbon transportation, including shipping.
Amogy plans to unveil its ammonia-powered, zero-emission tugboat in late 2023, three times larger than the technology field-tested earlier this year on Amogy’s ammonia-fueled semi-truck. Following the successful launch of the tugboat in upstate New York later in 2023, Amogy plans to launch its first commercial product in 2024 and beyond.
“We are working from a place where we have no doubt that our technology will change the world. 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.”
Seonghoon Woo, CEO of Amogy.
