New York City, USA –– Amogy Inc., a developer of ammonia-based emission-free, high energy-density power solutions, today announced the close of a major funding round.
Led by AP Ventures, a significant investor in breakthrough hydrogen technologies, the round included San Francisco-based funds DCVC and Collaborative Fund and investor Shaun Arora. Proceeds will be used for the first commercial demonstration of the high-performance clean mobility powered by ammonia.
Transportation accounts for 17% of global and 32% of the US greenhouse gas emissions. As the world transitions to net zero, solutions will be needed which remove carbon from the transportation sector. Businesses are looking for ways to decarbonize and are investing in low-carbon transportation options. Batteries and hydrogen fuel cells offer part of the answer, but for weight and volume-constrained applications such as heavy-duty ground/sea/air transportations, it will be critical to find solutions with high energy density which deliver zero-emission power, without compromising on performance.
Ammonia as an energy carrier offers a compelling solution for these applications, due to its significantly higher energy density than batteries or conventional gaseous hydrogen storage. However, to date, ammonia as an energy carrier has been under-explored due to the lack of technology that can efficiently extract energy from ammonia in a constrained space. Amogy’s technology unlocks the potential of ammonia for mobility applications by providing a highly efficient, lightweight, compact ammonia processor.
Amogy’s solution can deliver zero carbon and high-performance mobility in several commercial markets, including UAV, off-road vehicles, and marine and air transportations, accelerating our journey towards the net-zero economy.
“Our core mission is to enable clean transportations in all spaces using our technology, solving one of the most difficult problems for the net-zero. Our ammonia-oriented solution will provide emission-free power for mobilities in the areas where batteries and gaseous hydrogen can’t be adopted, working together to expedite the decarbonization in the transportation sector. We thank all investors who participated in this round for joining our vision”, said Seonghoon Woo, CEO, and Co-founder of Amogy.
“We are delighted to have led this investment round for Amogy, and to provide our support to the Amogy team from the company’s inception. As an established investor in the hydrogen industry, we understand the potential of this technology to revolutionize zero-carbon transport. Amogy’s unique miniaturized ammonia processor technology could be the disruptor this industry needs to unlock emission-free, long-range travel.” said Andrew Hinkly, Managing Partner at AP Ventures.
Amogy offers ammonia-based, emission-free, high-energy-density power solutions to decarbonize transportation for a sustainable future. Founded by four MIT PhD alumni with a shared vision, Amogy aims to enable clean transportation in all sectors, accelerating the global journey towards Net Zero 2050.
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 $350 million of assets on behalf of 11 LPs and presently has a portfolio of 16 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).
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