Tuesday, July 23, 2024
Maritime Propulsion

June 5, 2023

Amogy Increases Series B Round to $150 Million

(Photo: Amogy)

Brooklyn, N.Y. based startup Amogy on Monday announced it has raised more funds to help it commercialize and begin manufacturing its emissions-free ammonia-to-power technology for marine and industrial applications. The company aims to bring its first product to market in 2024.

Amogy said its Series B-2 fundraising was joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine, raising $11 million. This concludes the company's Series B fundraising after its SK Innovation-led Series B-1 round raised $139 million.

“This additional funding presents the rapidly increasing global interest in our technology and its potential to change the world, taking us one step closer to ammonia-driven decarbonization of heavy industries,” said Seonghoon Woo, CEO of Amogy.

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 1957-built tug at Feeney Shipyard in Kingston, N.Y. to run on its scaled-up 1-megawatt (MW) system, three times larger than the version field-tested on Amogy’s ammonia-fueled semi truck earlier this year. Amogy said it intends to trial the tugboat later in 2023 in upstate New York. Yara Clean Ammonia (YCA) will provide ammonia for the demonstration.

“With its ammonia-powered semi truck and tractor, Amogy has proven that ammonia is a viable and practical option to decarbonize the maritime industry and beyond,” said Ichiro Miyoshi, CEO of Marunouchi Innovation Partners (General Partner of Marunouchi Climate Tech Growth Fund). “As the first investment of our newly launched fund, we hope to ensure that Amogy has the resources it needs to help the shipping industry reach its goal of zero-emissions.”

To date, Amogy has raised $220 million in funding. Its investors include Amazon’s Climate Pledge Fund, Temasek, Korea Zinc, Saudi Aramco’s Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC.