Ammonia-to-power start-up Amogy rounds up Series B to USD 150m

Amogy Inc, a US strat-up developing ammonia power solutions aimed at decarbonising heavy-duty transport, has raised USD 11 million (EUR 10.2m) of additional capital bringing its Series B fundraising to USD 150 million.

The latest round was joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine. It followed a USD-139-million Series B-1 round in March that was led by SK Innovation.

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Amogy said last week that the new funding will aid its efforts to support commercialisation, commence manufacturing of its ammonia-to-power technology and present its first product to the market in 2024.

Amogy's ammonia-to-power technology uses liquid ammonia and a hybrid fuel cell system to power electric motors for zero-carbon transportations including shipping. The company plans to present an ammonia-powered tugboat in late 2023. Earlier this year, it field-tested an ammonia-fueled semi truck.

(USD 1 = EUR 0.929)