Americas News
Amogy Increases Funding, Looks to Product Launch Next Year
Ammonia power start-up Amogy has increased its latest funding round by $11 million more than previously stated and topping its B series funding round at $150 million.
The New York-listed firm said it has been joined by Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Singapore's Synergy Marine.
The funds will support commercialization and the start of manufacturing of its ammonia-to-power technology, with the company's first product coming to market next year, the company said.
"With its ammonia-powered semi-truck and tractor, Amogy has proven that ammonia is a viable and practical option to decarbonize the maritime industry and beyond," said Ichiro Miyoshi, chief executive of Marunouchi Innovation Partners (general partner of Marunouchi Climate Tech Growth Fund).
"As the first investment of our newly launched fund, we hope to ensure that Amogy has the resources it needs to help the shipping industry reach its goal of zero-emissions," the executive added.
Ammonia is one of a number of alternative bunker fuels under consideration by the shipping industry.
