O’Melveny Represents SK Innovation in Investment in Clean Energy Solutions Provider Amogy
March 23, 2023
FOR IMMEDIATE RELEASE
SEOUL, MARCH 23, 2023—O’Melveny recently represented SK Innovation as the lead investor in the US$139 million Series B-1 financing of Amogy, Inc. SK Innovation’s investment in this round was $50 million. This follows SK Innovation’s initial $30 million investment in Amogy in July last year.
Based in New York, Amogy is a pioneer of emission-free, energy-dense ammonia power solutions to decarbonize transportation.
Based in Seoul, SK Innovation is a leading energy and chemical company which independently pursues batteries and oil exploration and production businesses.
The O’Melveny team advising SK Innovation was led by Seoul corporate partner Woojae Kim and counsel Hae-in Park, with support from Seoul corporate partner Daniel Kim, partner Andrew Dolak, counsel Tom Oslovar and David J. Ribner, and associate Lauren R. Stamey.
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Amogy issued the following announcement:
Amogy Secures $139 Million Series B-1 Round of Funding, Moving the Transportation Industry Closer to Clean Energy
MARCH 22, 2023
- The funding will enable the commercialization of the company’s innovative ammonia-to-power technology
- Led by SK Innovation, other investors include Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC
Brooklyn, NY – March 22, 2023 – Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced its $139 million Series B-1 fundraising. The round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC. This funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.
“We are working from a place where we have no doubt that our technology will change the world,” says Seonghoon Woo, CEO of Amogy. “In 2021, CO2 emissions from transportation in the United States totaled 1.7 BMT — the most from any sector of the economy. This funding will help us to see our mission of forging a path toward net-zero 2050 through and in turn, make the world more sustainable. We greatly appreciate the investors sharing our bold mission, and we are laser-focused to bring our technology to market.”
Amogy’s highly-efficient ammonia-to-power technology feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system, which powers electric motors for zero-carbon transportations including shipping. Amogy plans to present its ammonia-powered, zero-emission tugboat in late 2023 — which is three times larger than the system that was field-tested on Amogy’s ammonia-fueled semi truck earlier this year. Upon the successful sail of the tugboat later in 2023 in upstate New York, Amogy intends to present its first commercial offering in 2024 and more.
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry, says Jun Kim, Vice Chairman & CEO from SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
To learn more about Amogy and where this funding will take the company to, please watch this video.
Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Founded in 2020 by four MIT PhD alumni with a shared vision, Amogy aims to enable the decarbonization of the heavy-duty transportation sector, accelerating the global journey towards Net Zero 2050. The company’s investors include Amazon’s Climate Pledge Fund, AP Ventures, SK, Aramco Ventures and DCVC. To date, Amogy’s scalable ammonia-powered, zero-emissions energy system has been demonstrated with success in a drone, heavy-duty tractor, and semi truck. More info at: www.amogy.co