- Amogy secures $139 million in Series B-1 funding round, moving transportation industry closer to clean energy
BROOKLYN, N.Y., March 22, 2023/PRNewswire/ -- Amogy Inc., a pioneer in zero-emission ammonia energy solutions, today announced the raising of $139 million in Series B-1. 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. This funding will enable Amogy to continue its organizational development to support commercialization, start manufacturing of its innovative ammonia-to-energy technology, and bring its first product to market in 2024.
"We work 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 of any sector in the economy. This funding will help us achieve our mission of forging a path to net zero by 2050 and , in turn, making the world more sustainable. We greatly appreciate investors who share our bold mission, and we are focused on bringing our technology to market."
Amogy's highly efficient ammonia-energy technology feeds liquid ammonia through its integrated cracking modules into a hybrid fuel cell system, which powers electric motors for zero-carbon transportation, including shipping. Amogy plans to introduce its ammonia-powered zero-emissions tug by the end of 2023, which is three times larger than the system that was field-tested on Amogy's ammonia-powered semi-trailer earlier this year. Once the tug has successfully sailed in late 2023 in upstate New York, Amogy plans to submit its first commercial offering in 2024 and beyond.
"Amogy's technology represents a key advance in the use of ammonia as a fuel, and we believe it will revolutionize not only the maritime industry, but the entire transportation industry," said Jun Kim, Vice President and CEO of SK Innovation. We want to make sure Amogy has the resources to make zero-emission shipping a reality."
If you would like to learn more about Amogy and where these funds will take the company, please watch this video.
About Amogy Amogy provides emission-free, energy-dense, ammonia-based energy solutions to decarbonise transportation and achieve a sustainable future. Founded in 2020 by four MIT PhD alumni with a shared vision, Amogy aims to enable the decarbonization of the heavy trucking industry, accelerating the global journey to Net Zero 2050. Investors in the company include Amazon's Climate Pledge Fund, AP Ventures, SK, Aramco Ventures and DCVC. To date, Amogy's scalable, ammonia-powered, zero-emissions power system has been successfully demonstrated in a drone, heavy-duty tractor, and semi-trailer. More information available on the website: www.amogy.co
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