Emission-free, ammonia power solutions company, Amogy has announced a $139 million (€128 million) series B-1 fundraising.
The round was led by intermediate holding company of SK Group, SK Innovation, joined by other global investors. This funding will enable Amogy to continue its organisational development to support commercialisation, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.
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 transportations including shipping.
Seonghoon Woo, CEO of Amogy says: ‘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 totalled 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 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. We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality,’ adds Jun Kim, vice chairman and CEO of SK Innovation.
