- Amogy is positioned to help decarbonize the global transportation sector
- AP Ventures leads the investment round to support the commercialization of Amogy’s innovative ammonia-based power technology, joined by new investor Amazon and existing investor DCVC
- Amogy’s emission-free, energy-dense power solution will enable Amazon and leading cargo owners to work toward removing fossil fuels from their supply chains and support the global transition to net-zero
New York City, USA – December 14, 2021 – Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced the close of their Series A funding round. Led by AP Ventures, a significant investor in breakthrough hydrogen technologies, and with new investment from Amazon’s Climate Pledge Fund, the round also included San Francisco-based fund DCVC. Proceeds will be used to develop the company’s first commercial application for ammonia-powered shipping and other transport applications.
Transportation presents a major challenge on the journey to net-zero. While the sector accounts for 17% of global greenhouse gas emissions, zero-carbon options for heavy-duty sectors, such as maritime, and ground mobility are limited by the power density requirements of these applications. Ammonia is an ideal fuel for these sectors; it can be made green using clean energy, has a significantly higher energy density than batteries and hydrogen, and has an existing supply infrastructure that reduces customers’ switching costs. Amogy unlocks the potential of ammonia as a heavy-duty transport fuel via its highly efficient, lightweight, compact ammonia power technology.
“Heavy-duty transportation is the backbone of the global industry, and one of the planet’s imminent challenges when it comes to reaching net zero. The support of our investors will help Amogy continue developing our clean ammonia-to-power technology, which we expect will be one of the most viable solutions for shipping and other transportation applications in the coming years,” said Amogy CEO Seonghoon Woo.
Founded in 2020, Amogy has rapidly developed to be at the forefront of ammonia-based mobility solutions. Leveraging a broad base of proprietary technologies, Amogy’s emission-free power technology offers a truly unique decarbonization tool for the global transportation sector.
“We are delighted to continue our support for Amogy and to lead this investment round. Amogy’s unique ammonia-based technology offers a compelling emission-free transport solution which can fast-track our route to net-zero” said Andrew Hinkly, Managing Partner at AP Ventures.
Amogy will use the proceeds of this funding round to advance its first commercial product. Partnering with Amazon, Amogy will work toward the demonstration of an ammonia-powered clean cargo-shipping vessel. From a common technology base, Amogy will then expand the product line to other heavy-duty transport applications.
“Decarbonizing maritime shipping is one of the biggest environmental challenges our society faces when it comes to tackling climate change,” said Kara Hurst, vice president and head of Worldwide Sustainability at Amazon. “Amazon is working to transition to zero-carbon fuels for ocean shipping by 2040, which aligns with our company’s broader commitment through The Climate Pledge Fund. We view Amogy’s emission-free solution for powering ocean freight as an important step forward.”
Amogy offers ammonia-based, emission-free, high-energy-density power solutions to decarbonize transportation for a sustainable future. Founded by MIT Ph.D. alumni with a shared vision in 2020, Amogy aims to enable clean transportation in all sectors, accelerating the global journey towards Net Zero 2050.
More info at: www.amogy.co
About AP Ventures
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity, and a growing population. AP Ventures has been investing in the hydrogen industry since 2013 and is recognized as a leading venture capital fund across this value chain. AP Ventures manages $395 million of assets on behalf of 12 LPs and presently has a portfolio of 17 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).
More info at: www.apventures.com
About Amazon Climate Pledge Fund
In June 2020, Amazon announced the creation of The Climate Pledge Fund to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. This dedicated investment program—with an initial $2 billion in funding—invests in visionary companies whose products and solutions will facilitate the transition to a low-carbon economy. More info at: https://sustainability.aboutamazon.com/about/climate-pledge-fund