Amogy nets $139 million in funding at it eyes commercialization of its ammonia-to-power technology

US-based ammonia power solutions company Amogy Inc. today announced its $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.

The startup said that the funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing its ammonia-to-power technology, and bring its first product to market in 2024. 

AMOGY Inc., Mitsui O.S.K. Lines, and MOL PLUS Co have signed a Memorandum of Understanding (MoU) on the adoption of the company’s ammonia-to-power systems for ships, and for the establishment of an ammonia supply chain. In accordance with the signing of the MoU, MOL PLUS invested in the Series B financing of AMOGY.

“With the objective of supporting social implementation of AMOGY’s ammonia-to-power system technology, MOL will consider collaboration with the company on using ammonia-to-power system on MOL Group-operated vessels and initiatives to establish an ammonia value chain, including the supply of ammonia fuel to ships equipped with ammonia-to-power system,” MOL said.

This is the fourth fundraising round for the company following the $3m Seed, $20 Series-A, and $46m corporate round, which was completed in June 2023.

“We are working from a place where we have no 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.” 

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 transportation 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. 

“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 from SK Innovation.

“We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”