Singapore ship manager Synergy Marine has become the latest maritime company to invest in US ammonia power start-up Amogy.
It is one of several companies to take part in the latest Series B-2 fundraising by the Brooklyn-based company alongside Mitsubishi Heavy Industries America, Mitsubishi Corp and Marunouchi Climate Tech Growth Fund.
In March, Amogy announced its Series B-1 round of $139m led by SK Innovation with backing from Mitsui OSK Line (MOL) investment company MOL Plus and Singapore state investor Temasek.
Amogy said the Series B-2 round further propels its momentum to support commercialisation, begin manufacturing of its ammonia-to-power technology, and bring its first product to market in 2024.
“This additional funding presents the rapidly increasing global interest in our technology and its potential to change the world, taking us one step closer to ammonia-driven decarbonization of heavy industries,” said Amogy chief executive Seonghoon Woo.
Amogy’s 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 transportation including shipping.
The company is working with tug and barge owner Southern Devall to install its technology on a vessel as part of a demonstration of its operational benefits and scalability.
Amogy plans to present its ammonia-powered, zero-emission tug in late 2023 — which is three times larger than the system that has been field-tested on an ammonia-fueled semi-truck earlier this year.
“With its ammonia-powered semi-truck and tractor, Amogy has proven that ammonia is a viable and practical option to decarbonise the maritime industry and beyond,” says Ichiro Miyoshi, chief executive of Marunouchi Innovation Partners, general partner of Marunouchi Climate Tech Growth Fund.
“As the first investment of our newly launched fund, we hope to ensure that Amogy has the resources it needs to help the shipping industry reach its goal of zero emissions.”
Amogy was founded in 2020 by four Massachusetts Institute of Technology alumni.
In September 2022, Amogy struck a deal with trading and chartering giant Trafigura to investigate the potential for large-scale cracking of ammonia.
The aim is to boost the supply of clean hydrogen as a fuel, and Amogy’s technique will be assessed for the potential transport of the gas around the world.
