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
BROOKLYN, N.Y., June 23, 2022 (GLOBE NEWSWIRE) -- Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today 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.
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.”
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.
About Amogy Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Founded in 2020 by four MIT PhD alumni with a shared vision, Amogy aims to enable the decarbonization of the heavy-duty transportation sector, accelerating the global journey towards Net Zero 2050. The company has been invested in by Amazon’s Climate Pledge Fund, AP Ventures, DCVC, Newlab, SK Innovation and Saudi Aramco Energy Ventures. To date, Amogy’s scalable ammonia-powered, zero-emissions energy system has been demonstrated with success in a drone and heavy-duty tractor. More info at: www.amogy.co.
About SK Innovation Co., Ltd Established as South Korea’s first and largest oil refining company in 1962, now leading the way toward ‘Green Energy & Materials Company’ with the ESG value, SK Innovation is a SK Group’s intermediate holding company in the field of energy, petrochemical, lubricants, E&P, e-mobility battery, information and electronic materials businesses along with eight major subsidiaries.
SK Innovation has established a value chain in its businesses with a vertical integration from E&P to producing petrochemical products and expanded the green portfolio through continuous investment in battery and materials sectors. SK Innovation and its subsidiaries are accelerating its future eco-friendly business such as plastic recycling, CCS (Carbon Capture & Storage) and BMR (Battery Metal Recycling) businesses. SK Innovation is also considering various new businesses to play the role of ‘Portfolio Designer & Developer’.
About The Climate Pledge Fund In June 2020, Amazon announced the creation of The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—invests in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy. More information can be found at: http://www.theclimatepledge.com/fund
About AP Ventures AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 18 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). More info at: www.apventures.com
About Saudi Aramco Energy Ventures Saudi Aramco Energy Ventures LLC (SAEV) invests in companies developing technologies with strategic importance to its parent company Saudi Aramco, to accelerate their development and deployment in Aramco’s operations. This $400 million program was started in 2013. SAEV primarily invests in startups in North America and Europe and has invested in over 50 companies since its inception.
About Newlab Newlab mobilizes people and capital to advance technologies that support the health of our planet. Newlab acts as facilitator, connector, and translator for its community of experts and innovators, helping to build, test, and scale world-changing ideas through investment, venture building, and structured collaboration with industry and government partners.
Media Contact: Michael Canova amogy@fischtankpr.com FischTank PR
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