Brooklyn-based startup Amogy has raised $139 million in a Series B-1 fundraising round, led by SK Innovation, to develop its ammonia-to-power technology. The technology involves passing liquid ammonia through cracking modules integrated into a hybrid fuel cell system. This will enable zero-carbon transport, including shipping, with Amogy’s first commercial offering set to be presented in 2024. The company is currently converting a tug to use its scaled-up 1MW system, which is three times larger than those tested on an ammonia-fueled semi-truck earlier this year. Seonghoon Woo, the CEO of Amogy, believes that this funding will help the company achieve its mission of working towards net-zero 2050. Transport is the largest producer of CO2 emissions in the United States, with 1.7 BMT produced in 2021. Global investors such as Zeon Ventures, Korea Zinc, and Aramco Ventures also participated in the fundraising round.
Amogy raises $139 million to produce ammonia-to-power tech
Amogy, a Brooklyn-based startup, announced that it raised $139 million to develop its ammonia-to-power technology and release its first product in 2024. SK Innovation led the Series B-1 fundraising round, which included global investors such as Aramco Ventures, Zeon Ventures, Korea Zinc, and more. Amogy’s technology involves passing liquid ammonia through cracking modules integrated into a hybrid fuel cell system. The resulting power runs electric motors in zero-carbon transport, including shipping. Amogy is currently converting a tug to use its scaled-up 1MW system, which is three times larger than those tested on an ammonia-fueled semi-truck earlier this year. The company aims to release its first commercial product by 2024. Seonghoon Woo, the CEO of Amogy, says that this funding will help the company achieve its mission of working towards net-zero 2050, particularly since transportation produces the most CO2 emissions in the United States, with 1.7 BMT in 2021. Jun Kim, the Vice Chairman and CEO of SK Innovation, believes that Amogy’s technology will revolutionize the entire transportation industry, particularly the maritime industry.
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