SK Innovation has announced that it has invested an additional USD 50 million in Amogy, a company that specializes in emission-free, energy-dense ammonia power solutions.
This investment is part of Amogy's Series B-1 fundraising round, which raised a total of USD 139 million, led by SK Innovation and joined by global investors such as Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures, and DCVC.
Amogy's technology involves the use of highly-efficient ammonia-to-power solutions, which power electric motors for zero-carbon transport, including shipping. This technology is in line with SK Innovation's "Carbon to Green" strategy, and SK Innovation had previously invested USD 30 million in Amogy in 2021.
With this new investment, SK Innovation has strengthened its strategic partnership with Amogy, and their scope of cooperation has been expanded to include business development and commercialization in Asia and Oceania.
Ammonia is considered a feasible alternative to hydrogen in realizing the hydrogen economy, as it is more economical and easier to store and transport when in the same liquefied state. The funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing of its innovative technology, and bring its first product to market in 2024.
Vice Chairman & CEO of SK Innovation Kim Jun commented on the investment, stating that "SK Innovation and Amogy are both aware of the significant role of ammonia in supplying clean energy, and we will keep making efforts in related R&D and market expansion."
Woo Seong-hoon, CEO of Amogy, also expressed his gratitude to investors and stated that the funding will help the company to "forge a path toward Net Zero 2050."
Amogy had previously showcased an ammonia-powered 5kW drone in 2021 and a 100kW tractor in 2022. In January 2023, it also successfully scaled its technology to 300kW, showcasing the world's first ammonia-powered semi truck (Class 8).
