Ammonia Startup Amogy Raises $139 Million

Brooklyn, N.Y. startup Amogy on Wednesday announced it has raised $139 million to begin manufacturing its ammonia-to-power technology and bring its first product to market in 2024.

The Series B-1 fundraising 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. 

“We are working from a place where we have no doubt that our technology will change the world,” said 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 transportations including shipping.

The company is currently converting a tug to on its scaled-up 1MW system, three times larger than those field-tested on Amogy’s ammonia-fueled semi truck earlier this year. Amogy said it 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.”