Amogy Raises $46 Million in Funding to Accelerate the Commercialization of its Ammonia-to-Power Technology Across Heavy Duty Transportation
Summary
Following successful ammonia-powered drone and tractor demonstrations, Amogy will use funding to further scale its technology to accelerate its commercialization of zero-emission heavy transportation applicationsBROOKLYN, N.Y., June 23, 2022 (GLOBE NEWSWIRE) -- ., a pioneer of emission-free, energy-dense ammonia power solutions, today announced it has raised $46 million in additional capital to further scale its highly efficient ammonia-to-power technology, with plans to apply its systems to an 18-wheel tractor trailer as well as an ocean cargo ship. Following momentum from recent successful demonstrations of the first-ever, ammonia-powered, zero-emission farming tractor and aerial drone, Amogy will use the funds from the bridge round to accelerate the commercialization of its energy-dense power solution that will decarbonize heavy-duty transportation and enable leading cargo and fleet owners to eliminate fossil fuels and reduce emissions from their supply chain.Founded in 2020, Amogys emission-free power technology offers a truly unique decarbonization system for global transportation, a sector which currently accounts for an estimated 17% of greenhouse gas emissions - a share that experts expect to increase. Moreover, because the chemical has been used industrially for more than a century, existing storage, handling, and delivery infrastructure is already in place globally, making ammonia an optimal fuel for long-haul trucking, locomotives, aviation, and shipping so-called hard-to-abate areas that have all proven difficult to decarbonize. While existing fuel sources and technology have fundamental bottlenecks, ammonia represents an accessible, abundant and sustainable option for decarbonizing long-haul transportation that is critical to our world economy, said Seonghoon Woo, CEO at Amogy. 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.
Funding
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