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SK Innovation Invests $30 Mln in U.S. Ammonia-Based Fuel Cell Firm Amogy

By June 14, 2022 < 1   min read  (161 words)

June 14, 2022 |

Fuel Cells Works, SK Innovation Invests $30 Mln in U.S. Ammonia-Based Fuel Cell Firm Amogy

SEOUL — South Korean battery maker SK Innovation Co. said Tuesday it will invest US$30 million in Amogy Inc., a U.S. developer of ammonia-based, emission-free power solutions, and cooperate in the development of related technologies.

To that end, both companies signed a deal on strategic investment and a memorandum of understanding on technology cooperation in a ceremony in San Jose, California, on Sunday, SK Innovation said.

With the investment, SK Innovation, also South Korea’s top refiner, said it will start developing technologies for an ammonia-based fuel cell system and push to expand the related market.

Amogy, founded by four MIT Ph.D. alumni in 2020 and located in Brooklyn, New York, specializes in building a decarbonized future transportation system using ammonia as a renewable fuel, including tractors and drones.

SK Innovation, which belongs to South Korea’s No. 3 conglomerate SK Group, has under its wing battery-producing subsidiary SK On, which was spun off in October last year.

SOURCE: YONHAP NEWS AGENCY

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