A U.S. startup that is working to build one of the world’s first ammonia-powered ships has raised $139 million to help scale its emissions-free technology.
On Wednesday, Brooklyn-based Amogy said it secured the Series B-1 funding in a round led by South Korean conglomerate SK Innovations. Other investors include Singapore’s state holding company Temasek, the corporate-venture arm of oil giant Saudi Aramco, plus the investment firms AP Ventures and DCVC.
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel,” Jun Kim, vice chairman and CEO of SK Innovation, said in a statement. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”
The announcement arrives as global shipping regulators are meeting in London this week to negotiate measures for curbing the industry’s planet-warming emissions.
International shipping accounts for roughly 3 percent of global greenhouse gas emissions every year. Cargo ships and harbor craft also produce a litany of smog-forming, health-harming air pollutants that pose risks to waterside communities.
The International Maritime Organization, a U.N. body, has called for curbing annual shipping-related emissions by at least 50 percent compared to 2008 levels by 2050, and for full decarbonization of the sector “as soon as possible within this century.” Environmental groups are urging IMO negotiators to accelerate those goals by halving emissions by 2030 and reaching zero emissions by 2040 — targets that more closely align with broader efforts to limit global warming to 1.5 degrees Celsius.
“To trigger shipping’s great transition, we need to be true to the science and set ambitious targets,” John Maggs, president of the Clean Shipping Coalition, said in a recent statement. “These will set the scene for urgent short-term emission cuts, unlock green investment and stop the industry from wasting billions on false solutions like fossil [liquefied natural gas].”