US hydrogen-based ammonia-to-power tech firm Amogy has raised $56m in venture financing from the likes of Samsung, Hanwha, Temasek, MOL and more.
The round, co-led by existing investor Aramco Ventures and newcomer SV Investment, also saw participation from BHP Ventures, AFW Partners, Quantum Ventures Korea, Kibo Investment, Seoul IP, AP Ventures and Marunouchi Innovation Partners.
Amogy plans to use the funds to commercialise its ammonia cracking technology that can be integrated with hydrogen fuel cells and engines for the maritime and stationary power sectors.
H2 View understands the firm is eyeing deployments by 2026.
The catalyst and reformer technology is claimed to crack ammonia at lower temperatures and in smaller footprints than commercial options, which Amogy says unlocks transportation use cases.
In September the firm’s technology was used to power a 1957 tugboat on a voyage down the Hudson River in the US.
Read more: Amogy successfully sails ammonia-powered vessel down the Hudson
Amogy’s CEO and co-founder, Seonghoon Woo, said the demonstration showed the technology was a “viable and effective solution” to decarbonise heavy industries.
“On the heels of this monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors representing a mix of industries who are supporting our rapid push towards commercialisation,” he added.
Being easier to store and transport than hydrogen, proponents suggest ammonia could be a key future fuel for shipping. The hydrogen and nitrogen compound is already transported globally as a commodity and has been used in dual-fuel vessels.
Fuelling the future of shipping: e-methanol or ammonia?
Shipping’s decarbonisation will be a central pillar in meeting Net Zero targets. Accounting for around 2% of global carbon dioxide (CO2) emissions in 20221, the maritime industry’s drive towards carbon neutrality has been catalysed by the International Maritime Organization’s (IMO) recently revised carbon reduction targets.
The new strategy released in 2023 enhanced the industry’s ambition to meet Net Zero by 2050, committing to ensure the uptake of zero and near-zero greenhouse gas (GHG) emission fuels by 2030. It set targets to reduce the total annual GHG emissions from international shipping by at least 20% (with an ambition for 30%) by 2030, and at least 70% (striving for 80%) by 2040 compared to 2008 levels.
Building off the revised Net Zero strategy, the IMO’s Maritime Environment Protection Committee (MEPC 81) met in London, UK, in March to agree on possible draft outlines for its Net Zero framework to cut greenhouse gas (GHG) emissions from international shipping.
With near-term options including energy efficiency measures for ships, the uptake of zero or near-zero GHG emission technologies, fuels and energy sources is seen as the clear path to take the industry to Net Zero…
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