Amogy, a pioneering provider of emission-free, energy-dense ammonia power solutions, has successfully raised $11 million in its Series B-2 funding round. This latest investment brings the total funding amount for the company to an impressive $150 million. Notable participants in this round include Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America, and Synergy Marine. It is worth mentioning that just a few months ago, Amogy secured $139 million in its Series B-1 round, with SK Innovation leading the way.
The recent funding injection will play a vital role in Amogy’s mission to commercialize their breakthrough ammonia-to-power technology. With manufacturing set to commence, the company is on track to introduce its first product to the market by 2024. These developments come as Amogy, under the leadership of CEO Seonghoon Woo, continues to pave the way for ammonia-based, emission-free, high energy-density power solutions. By decarbonizing the transportation sector, the company is actively contributing to the global journey towards achieving Net Zero 2050.
Founded in 2020, Amogy has set its sights on transforming the heavy-duty transportation industry through innovative, sustainable solutions. Their commitment to developing ammonia-powered alternatives aligns with the urgent need to reduce carbon emissions and combat climate change. Amogy’s upcoming launch of a tugboat in upstate New York later this year is a significant milestone that will set the stage for further commercial offerings in 2024 and beyond. With their vision and ongoing advancements, Amogy is driving the transition to a greener and cleaner future in the transportation sector.