Amogy Inc., a Brooklyn-based startup that offers ammonia-based, emission-free, high energy-density power solutions to decarbonise transportation for a sustainable future, has secured $139 million in a Series B-1 funding round.
The round was led by South Korea-based SK Innovation, joined by other global investors including Temasek (also backed Zilingo), Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures, and DCVC.
This funding will enable Amogy to continue its organisational development to support commercialisation, and begin manufacturing its ammonia-to-power technology.
“We are working from a place where we do not doubt that our technology will change the world,” says 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.”
Powering transportation through ammonia
Founded in 2020 by four MIT Ph.D. alumni — Seonghoon Woo, Young Suk Jo, Jongwon Choi, and Hyunho Kim, Amogy aims to enable the decarbonisation of the heavy-duty transportation sector, accelerating the global journey towards Net Zero 2050.
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 transportation including shipping.
The US company plans to present its ammonia-powered, zero-emission tugboat in late 2023.
“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,” says Jun Kim, Vice Chairman & CEO of SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
