South Korea’s SK innovation Co. said Thursday it invested an additional $50 million in Amogy Inc., a U.S. developer of ammonia-based fuel cell platform, in a recent funding round.

SK innovation said it took part in Amogy’s $139 million Series B-1 funding round, which was also joined by Singapore’s state investment fund Temasek Holdings Pte, a venture unit of Saudi Aramco, British venture capital firm AP Ventures, Japan’s Mitsui O.S.K. Lines and Korea Zinc Inc.

Series C financings are intended for market expansion of a startup, while the Series A aims to finance the startup’s initial product development and the Series B to take the business to the next stage.

The latest investment follows SK innovation’s initial $30 million investment in Amogy in July last year. The Korean company led the Series B-1 funding round and established a closer collaborative relationship with Amogy. The two companies also agreed to work together on business development and commercialization, especially in the Asia-Oceania region.

Founded in November 2020, Amogy has developed a technology to use ammonia, a compound of hydrogen and nitrogen, as a fuel cell fuel to generate power without emitting carbon. Ammonia is easier to store and transport than hydrogen, making it a viable alternative for realizing a hydrogen economy.

Under their partnership, SK innovation is expected to gain a core technology base for carbon reduction, while Amogy will leverage the Korean company’s global network and business experience to accelerate market development.

In January, Amogy successfully conducted a test run on a 300-kilowatt heavy-duty truck equipped with its ammonia system. With this Series B investment, the company is working on a demo program to apply its ammonia-to-power system to ships, according to SK innovation.

By Pulse

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