Amogy retrofits vehicles ranging from drones to tractors to make them run on sustainable ammonia. It just raised $139 million with this 18-slide pitch deck.
The company retrofits vehicles to make them run on ammonia, a more sustainable propellant.A startup betting on ammonia as a next-generation fuel has just secured $139 million in an all-equity Series B extension.
Amogy's system consists of a tank of ammonia, which is fed into a chemical reactor that the company dubs"the cracker." This converts the ammonia into hydrogen, which flows into a fuel cell where it is turned into water to produce electricity. It is this electricity that powers vehicles. 21% of global emissions
It is now working to convert a 1957 tugboat that is three times the size of the truck and will be shown off later this year as Amogy focuses its efforts on the maritime industry. Ammonia is predicted to account forThe fresh cash injection will be used to bring its first product to market in 2024. The maritime sector has been handling and shipping ammonia as a commodity for years and is primed to use it as a fuel, according to Amogy CEO and cofounder Seonghoon Woo.
Woo expects his tech to be approved after the tugboat demonstration."That is the beginning of the commercialization; as soon as we have the first ship in the water, we will work together with customers and clients to bring technology to their ships," he said.
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