Amogy, the leading ammonia power solutions provider, closes its Series B funding with an $11M investment. The innovative firm is all set to bring its zero-emission technology to the market by 2024.
What’s Happening
Amogy Inc., renowned for its groundbreaking ammonia power solutions that are emissions-free and energy-dense, has successfully wrapped up its Series B-2 fundraising round with a total of $11 million. The funding was secured with contributions from Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America, and Synergy Marine. This achievement marks the successful completion of Amogy’s Series B fundraising.
Why It Matters
Following a successful $139 million Series B-1 round in March led by SK Innovation, the latest round of funding further bolsters Amogy’s strategic commercialization efforts. The company is now set to commence manufacturing of its unique ammonia-to-power technology and is planning to introduce its first product in 2024.
Key Points
The innovative technology developed by Amogy uses liquid ammonia fed through cracking modules into a hybrid fuel cell system. This system powers electric motors to facilitate zero-carbon transportation, including shipping. The company is gearing up to unveil an ammonia-powered, zero-emission tugboat in late 2023, which will be three times the size of the system that was field-tested on Amogy’s ammonia-fueled semi-truck earlier this year. The successful voyage of this tugboat in upstate New York later in 2023 will pave the way for the company’s first commercial offering in 2024.
Bottom Line
The capital injection showcases global interest in Amogy’s mission of revolutionizing power solutions for heavy industries with ammonia-driven decarbonization. With proven success in operating an ammonia-powered semi truck and tractor, Amogy has demonstrated the potential of ammonia as a practical and feasible solution to decarbonize the maritime industry and beyond. As Marunouchi Innovation Partners’ first investment from their newly launched fund, they are hopeful that this financial support will aid Amogy in propelling the shipping industry towards its zero-emissions goal.
