Startup company Amogy raises funding for zero emission shipping solutions

Amogy, an American startup focused on developing ammonia-powered ships, has raised $139m in funding in a round led by South Korean conglomerate SK Innovations. Other investors include Singapore’s state holding company Temasek, the corporate-venture arm of oil giant Saudi Aramco, plus the investment firms AP Ventures and DCVC.

Japan’s Mitsui OSK Lines (MOL), one of the world’s largest shipowners, also came in on the investment as well as signing a memorandum of understanding (MoU) on the adoption of Amogy ammonia-to-power systems, and for the establishment of an ammonia supply chain.

Amogy has already demonstrated its technology in a drone, a tractor, and most recently, a truck with plans to commercialise its technology to shipping and potentially industrial power generation applications in the next few years.

The ammonia-to-power system developed by Amogy can generate hydrogen from liquid ammonia to produce electricity.