Amogy Raises $139M in Series B-1

Amogy, a New York-based company providing emission-free, energy-dense ammonia power solutions, raised $139M in Series B-1 funding.

The round was led by SK Innovation, with participation from Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC.

The company intends to use the funds to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.

Founded in 2020 and led by CEO Seonghoon Woo, Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize the heavy-duty transportation sector. Its 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 transportations including shipping. Upon the successful sail of the tugboat later in 2023 in upstate New York, the company intends to present its first commercial offering in 2024 and more.