Amogy Raises $46 Million in Funding to Accelerate the Commercialization of its Ammonia-to-Power Technology Across Heavy Duty Transportation
SK Innovation leads bridge round that also includes Amazon through its Climate Pledge Fund, AP Ventures, Saudi Aramco Energy Ventures, and Newlab.
Following successful ammonia-powered drone and tractor demonstrations, Amogy will use funding to further scale its technology to accelerate its commercialization of zero-emission heavy transportation applications
Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, announced it has raised $46 million in additional capital to further scale its highly efficient ammonia-to-power technology, with plans to apply its systems to an 18-wheel tractor trailer as well as an ocean cargo ship. Following momentum from recent successful demonstrations of the first-ever, ammonia-powered, zero-emission farming tractor and aerial drone, Amogy will use the funds from the bridge round to accelerate the commercialization of its energy-dense power solution that will decarbonize heavy-duty transportation and enable leading cargo and fleet owners to eliminate fossil fuels and reduce emissions from their supply chain.
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Founded in 2020, Amogy’s emission-free power technology offers a truly unique decarbonization system for global transportation, a sector which currently accounts for an estimated 17% of greenhouse gas emissions – a share that experts expect to increase. As global businesses search for low carbon transportation options, batteries and hydrogen fuel cells offer part of the solution; however, due to the weight and volume constraints required in applications such as heavy-duty ground, sea and air transportations, these technologies are limited.
Comparatively, Amogy’s solution leverages ammonia, an energy dense, carbon-free molecule, which is crucial to zero-emission heavy duty transportation. Moreover, because the chemical has been used industrially for more than a century, existing storage, handling, and delivery infrastructure is already in place globally, making ammonia an optimal fuel for long-haul trucking, locomotives, aviation, and shipping – so-called “hard-to-abate” areas that have all proven difficult to decarbonize. With its highly efficient, lightweight, and compact ammonia power technology, Amogy aims to reduce roughly five billion metric tons of CO2-equivalent emissions by 2040, while accelerating the global journey towards net zero by 2050.
“To reach net zero emissions by mid-century, we must decarbonize the heavy-duty transportation sector. While existing fuel sources and technology have fundamental bottlenecks, ammonia represents an accessible, abundant and sustainable option for decarbonizing long-haul transportation that is critical to our world economy,” said Seonghoon Woo, CEO at Amogy. “Thanks to our investors sharing our mission, we’ve already been able to demonstrate several impactful, practical applications of our solution and, with this next round of funding, we’re well on our way to further scaling our technology to decarbonize industries that are those of the highest emitters of greenhouse gasses.”
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To date, ammonia as an energy carrier has been under-explored due to the lack of technology that can efficiently and safely extract energy from ammonia in a constrained space. Amogy’s technology, however, has demonstrated the potential for ammonia to unlock zero carbon, heavy-duty mobility applications through existing demonstration. With the funds raised during this bridge round, Amogy looks forward to further scaling its highly efficient, light weight, compact ammonia processor that can eliminate emissions across more sectors within heavy-duty industries.
“SK Innovation has decided to invest in Amogy, a leading ammonia-cracking based power solution provider, to become a holding company specialized in green portfolio development in order to achieve net-zero emission by 2050. Based on the investment and the cooperation with Amogy, SK Innovation will do its utmost to develop ammonia-cracking based power technology and expand the market,” said a spokesperson for SK Innovation.
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