Amogy Raises $139M to Commercialize Ammonia Fuel Tech

The Brooklyn startup will use the funding to bring its first product to market in 2024.

Written by Jeff Rumage
Published on Mar. 22, 2023
Amogy Raises $139M to Commercialize Ammonia Fuel Tech
A tugboat built in 1957 is fueled by Amogy's ammonia power.
Later this year, Amogy will demonstrate its ability to power a tugboat built in 1957. | Photo: Amogy

The U.S. and other developed countries have to transition away from coal, oil and gas by 2040 to reach internationally accepted climate targets, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Brooklyn-based Amogy aims to meet that challenge with its technology that converts ammonia into electricity. 

The startup has already used ammonia to power tractors and 18-wheel semi-trucks. Later this year, Amogy plans to demonstrate its ability to power a tugboat, which would be a major milestone in its goal to decarbonize the maritime shipping industry. The global shipping industry is responsible for about 3 percent of greenhouse gas emissions.

Amogy announced Wednesday that it raised $139 million in funding to continue commercializing its new technology. The new funding will help Amogy bring its first product to market in 2024, the company said in a statement.

 The company told Built In that it currently has more than 100 employees, and it plans to grow to more than 200 employees by the end of the year.

Amogy co-founder and CEO Seonghoon Woo poses for a photo
Amogy co-founder and CEO Seonghoon Woo. | Photo: Amogy

Amogy’s green energy solution does not produce carbon emissions, and it is produced using abundant and energy-rich ammonia. With Amogy’s technology, ammonia is poured into a reactor system that converts it to hydrogen, which powers a fuel cell system that produces electricity.

The funding round was led by SK Innovation. 

“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry,” SKI Innovation CEO Jun Kim said in a statement. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.” 

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