Ammonia fuel provider Amogy raises US$139 million with Temasek’s participation

US-BASED ammonia fuel provider Amogy announced on Wednesday (Mar 22) that it has raised US$139 million in its latest Series B-1 round led by SK Innovation, with participation from existing investors such as Temasek, Aramco Ventures, among others.

The funding will support Amogy’s organisational development towards commercialisation and kickstart the manufacturing of its ammonia-to-power technology, the company said.

The energy-solutions startup also plans to present its first ammonia-powered, zero-emission tugboat late this year and its first commercial offering in 2024.

“This funding will help us to see our mission of forging a path towards net-zero 2050 through and, in turn, make the world more sustainable,” said Woo Seonghoon, chief executive of Amogy.

Founded in 2020 by four Massachusetts Institute of Technology postgraduate alumni, the company turns ammonia into power by feeding liquid ammonia through cracking modules integrated into a hybrid fuel cell system. The end-product then powers electric motors for zero-carbon transportation, including shipping.

“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionise not only the maritime industry, but the entire transportation industry,” said Jun Kim, vice-chairman and chief executive of SK Innovation.