After announcing $139M from its B-1 in March, Amogy closes its B-2 raise with $11M extra - concluding its $150M total Series B fundraising
BROOKLYN, N.Y., June 5, 2023 /PRNewswire/ -- Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced its $11M Series B-2 fundraising, joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine. This funding concludes Amogy's Series B fundraising. In March, Amogy announced its Series B-1 round of $139 million led by SK Innovation. The Series B-2 round further propels Amogy's momentum to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.
"This additional funding presents the rapidly increasing global interest in our technology and its potential to change the world, taking us one step closer to ammonia-driven decarbonization of heavy industries," says Seonghoon Woo, CEO of Amogy. "
Amogy's highly-efficient 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. Amogy plans to present its ammonia-powered, zero-emission tugboat in late 2023 — which is three times larger than the system that was field-tested on Amogy's ammonia-fueled semi truck earlier this year. Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024 and more.
"With its ammonia-powered semi truck and tractor, Amogy has proven that ammonia is a viable and practical option to decarbonize the maritime industry and beyond," says Ichiro Miyoshi, CEO of Marunouchi Innovation Partners (General Partner of Marunouchi Climate Tech Growth Fund). "As the first investment of our newly launched fund, we hope to ensure that Amogy has the resources it needs to help the shipping industry reach its goal of zero-emissions."
To learn more about Amogy and where this funding will take the company to, please watch this video.
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's investors include Amazon's Climate Pledge Fund, AP Ventures, SK, Aramco Ventures and DCVC. To date, Amogy's scalable ammonia-powered, zero-emissions energy system has been demonstrated with success in a drone, heavy-duty tractor, and semi truck. More info at: www.amogy.co
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