Amogy – a pioneer of emission-free, energy-dense ammonia power solutions – announced its $11 million Series B-2 fundraising, joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America, and Synergy Marine. And this funding concludes Amogy’s Series B fundraising.
The company announced in March its Series B-1 round of $139 million led by SK Innovation. The Series B-2 funding round further propels Amogy’s momentum to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.
Amogy’s highly-efficient 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 transportation including shipping. And Amogy plans to present its ammonia-powered, zero-emission tugboat in late 2023 — which is 3 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 plans to present its first commercial offering in 2024 and more.
KEY QUOTES:
“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.”
— Seonghoon Woo, CEO of Amogy
“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.”
— Ichiro Miyoshi, CEO of Marunouchi Innovation Partners (General Partner of Marunouchi Climate Tech Growth Fund)
