■ SK Innovation leads a USD 139 million Series B-1 fundraising in Amogy, an ammonia-powered fuel cell system company

■ Other investors include Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC

■ SK Innovation secured business cooperation rights to expand the ammonia ecosystem in Asia and Oceania

SK Innovation has announced on March 23 (KST) that it invested an additional USD 50 million in Amogy, a pioneer of emission-free, energy-dense ammonia power solutions. This is another important step for SK Innovation to realize its “Carbon to Green” strategy by taking the lead in building a global ammonia ecosystem.

SK Innovation’s funding in Amogy this time is part of the USD 139 million Series B-1 fundraising round led by the company and joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC.

(*)Series B funding: also known as series B financing or series B round, is the third stage of startup financing (after seeding and Series A), and the second stage of venture capital financing (after Series A). Generally, a startup receives initial investment through seed funding, then Series A after building a business model that generates long-term profit, Series B for business development, and Series C for business expansion. In case of Amogy, it secured USD 20 million from Series A funding in December 2021, and USD 46 million from Bridge Funding in June 2022.

Ammonia is considered a feasible alternative to realizing the hydrogen economy because it is more economical and easier to store and transport than hydrogen when it is in the same liquefied state. 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. Such technology of Amogy is in line with SK Innovation’s “Carbon to Green” strategy, thereby last year SK Innovation decided to make the first investment, which was USD 30 million, in Amogy.

With the Series B-1 funding this time, SK Innovation has strengthened its collaborative relationship with Amogy as a strategic investor. Their scope of cooperation related to ammonia-based hydrogen fuel cells has been expanded, including cooperation for business development and commercialization in Asia and Oceania, where demand for clean energy is expected to grow. In addition, the two companies decided to discuss the direction of future business cooperation to expand their global business.

For Amogy, this funding will enable the company to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.

Vice Chairman & CEO of SK Innovation Kim Jun commented, “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 (research & development) and market expansion.” “We also believe that the other global investors who joined this Series B-1 fundraising are sharing the same vision with SK Innovation and Amogy,” he added.

“This funding will help us to see our mission of forging a path toward Net Zero 2050 through and in turn, make the world more sustainable,” said Woo Seong-hoon, CEO of Amogy. “We greatly appreciate the investors sharing our bold mission, and we are laser-focused to bring our technology to market. We are working from a place where we have no doubt that our technology will change the world.”

Previously, Amogy presented an ammonia-powered 5kW drone in 2021 and a 100kW tractor last year. In January this year, it also showcased the world’s first ammonia-powered semi struck (Class 8), successfully scaled its technology to 300kW.

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 Innovation, 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.com

[Photos]

(Photo 1, 2, 3) In order: A drone, a tractor, a semi-truck powered by Amogy’s ammonia-based hydrogen fuel cell system.

(Photo 4) The ammonia-based hydrogen fuel cell system of Amogy