Brooklyn, USA-based pioneer of emission-free, energy-dense ammonia power solutions, Amogy, raised USD 11 million in Series B2 financing. The round took place on June 5, 2023. Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine provided the investment for the company.
Earlier in March, the company raised USD 139 million in Series B1 financing. SK Innovation led the financing back then. The new Series B2 funding concludes the Series B round. So far, the total Series B financing of the firm amounts to USD 150 million.
Purpose of funding for Amogy
With the latest capital fundraise, Amogy seeks to further propel its momentum to support commercialization. It also has plans to begin manufacturing its innovative ammonia-to-power technology.
Meanwhile, the company intends to launch its first product to market in 2024.
What the company’s official has to add
Seonghoon Woo, CEO of Amogy, said, “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.”
What the investors have to add
Ichiro Miyoshi, CEO of Marunouchi Innovation Partners (General Partner of Marunouchi Climate Tech Growth Fund), further said, “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. 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.”
About Amogy
Hyunho Kim, Jongwon Choi, Young Suk Jo and Seonghoon Woo launched the company in 2020. The company aims to enable the decarbonization of the heavy-duty transportation sector, accelerating the global journey towards Net Zero 2050.
Amogy’s highly-efficient ammonia-to-power technology feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system. It further powers electric motors for zero-carbon transportation, such as shipping. The firm has plans to present its ammonia-powered, zero-emission tugboat in late 2023. The said tugboat is three times larger than the system that was field-tested on Amogy’s ammonia-fueled semi-truck earlier this year. 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.
The USA-based company offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future.
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