US-based tech firm Amogy has secured $56 million in venture financing from investors such as Samsung, Hanwha, Temasek, and MOL. The funding round, co-led by Aramco Ventures and SV Investment, also included participation from other key players in the industry. Amogy plans to use the funds to advance its technology for ammonia cracking, which can be integrated with hydrogen fuel cells and engines for maritime and stationary power applications. The company aims to deploy its technology by 2026, with claims that their catalyst and reformer technology allows for more efficient cracking of ammonia at lower temperatures and in smaller footprints compared to existing options.
Amogy recently demonstrated the effectiveness of its technology by powering a 1957 tugboat on a voyage down the Hudson River in the US. CEO and co-founder Seonghoon Woo stated that the successful demonstration showcased the technology as a viable solution for decarbonizing heavy industries. With ammonia being easier to store and transport than hydrogen, proponents believe it could play a significant role as a future fuel for shipping. The compound is already used globally as a commodity and in dual-fuel vessels.
The maritime industry’s push towards decarbonization is essential in meeting Net Zero targets, with shipping accounting for around 2% of global carbon dioxide emissions. The International Maritime Organization has set ambitious targets to reduce greenhouse gas emissions from international shipping, with a focus on zero and near-zero emission fuels by 2030. The recent IMO meetings in London have outlined draft frameworks to cut emissions from the industry, with a strong emphasis on adopting sustainable technologies and fuels to achieve Net Zero goals.