American ammonia startup seals financing to power shipping ambitions
Amogy, an American startup focused on developing ammonia-powered ships, has raised $139m in funding in a round led by South Korean conglomerate SK Innovations. Other investors include Singapore’s state holding company Temasek, the corporate-venture arm of oil giant Saudi Aramco, plus the investment firms AP Ventures and DCVC.
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel,” Jun Kim, vice chairman and CEO of SK Innovation, said in a statement. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
Japan’s Mitsui OSK Lines (MOL), one of the world’s largest shipowners, also came in on the investment as well as signing a memorandum of understanding (MoU) on the adoption of Amogy ammonia-to-power systems, and for the establishment of an ammonia supply chain.
Amogy has already demonstrated its technology in a drone, a tractor, and most recently, a truck with plans to commercialise its technology to shipping and potentially industrial power generation applications in the next few years.
The ammonia-to-power system developed by Amogy can generate hydrogen from liquid ammonia to produce electricity.
