Transportation decarbonization-focused clean fuel tech startup Amogy announced that it has raised $139 million, with proceeds aimed at funding the commercialization of its emissions-free ammonia-to-power technology.
Founded in 2020, Brooklyn, New York-based Amogy offers ammonia-based, emission-free, high energy-density power solutions aimed at enabling the decarbonization of the heavy-duty transportation sector. The company’s technology utilizes liquid ammonia into a hybrid fuel cell system to power electric motors, allowing for zero-carbon transportation. The company said that it intends to present its first commercial offering in 2024, and on its website states that it aims to reduce more than 5 billion metric tons of CO2-eq emission by 2040 using its solution.
According to Amogy, the new funding will enable the company to continue its organizational development to support commercialization, as well as to begin manufacturing of its ammonia-to-power technology and bring its first product to market next year.
Seonghoon Woo, CEO of Amogy, said:
“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.”
The Series B funding round was led by Korea-based energy and chemical company SK Innovation, with participation from investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC.
Jun Kim, Vice Chairman & CEO from SK Innovation, said:
“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.”