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Ammonia-to-power company Amogy raises $139M Series B-1; led by SK Innovation

Amogy Inc., a developer of emission-free, energy-dense ammonia power solutions (earlier post), announced a $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.

SK Innovation had already invested $30 million in Amogy in 2022.

This funding will enable Amogy to continue its organizational development to support commercialization, 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. Amogy plans to present its ammonia-powered, zero-emission tugboat in late 2023. The system is three times larger than the system that was field-tested on Amogy’s ammonia-fueled Freightliner Cascadia Class 8 truck earlier this year. (Earlier post.)

Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024 and more.

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.

—Jun Kim, Vice Chairman & CEO from SK Innovation


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