Brooklyn, N.Y. start-up Amogy on Wednesday introduced it has actually elevated $139 million to start producing its ammonia-to-power innovation as well as bring its initial item to market in 2024.
The Series B-1 fundraising round was led by SK Innovation, signed up with by various other worldwide financiers consisting of Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL AND ALSO, Yanmar Ventures, Zeon Ventures as well as DCVC.
“We are working from a place where we have no doubt that our technology will change the world,” stated Seonghoon Woo, CHIEF EXECUTIVE OFFICER ofAmogy “In 2021, CO2 emissions from transportation in the United States totaled 1.7 BMT — the most from any sector of the economy. This funding will help us to see our mission of forging a path toward net-zero 2050 through and in turn, make the world more sustainable. We greatly appreciate the investors sharing our bold mission, and we are laser-focused to bring our technology to market.”
Amogy’s ammonia-to-power innovation feeds fluid ammonia with its fracturing components incorporated right into a crossbreed gas cell system, which powers electrical motors for zero-carbon transports consisting of delivery.
The firm is presently transforming a pull to on its scaled-up 1MW system, 3 times bigger than those field-tested on Amogy’s ammonia-fueled semi vehicle previously this year. Amogy stated it means to offer its initial industrial offering in 2024.
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry, says Jun Kim, Vice Chairman & CEO from SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
