Singapore state investor Temasek and Saudi Arabia’s Aramco Ventures have participated in the $139 million Series B-1 fundraising of Amogy, a New York-based sustainable energy startup.

South Korean conglomerate SK Group’s energy and chemical unit SK Innovation led the funding round, which was also participated by Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC.

Founded in 2020, Amogy is a startup working on a carbon-free energy system using ammonia as the clean fuel. The company offers ammonia-based, emission-free power solutions to decarbonise transportation, including shipping.

Amogy plans to present its ammonia-powered, zero-emission tugboat later this year in New York. Upon the successful sail of the tugboat, Amogy plans to present its first commercial offering in 2024, the company said in a statement on Wednesday.

“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionise not only the maritime industry, but the entire transportation industry,” said Jun Kim, Vice Chairman & CEO, SK Innovation. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”

Last year, SK Group, the parent company of SK Innovation, announced its plan to invest 18.5 trillion won ($15 billion) over the next five years to build a domestic hydrogen energy industry. As part of the plan, its affiliate energy company SK E&S targets to invest about 5.3 trillion won ($4.3 billion) by 2025 to complete the world’s largest clean hydrogen production base in South Korea.

SK Innovation also has plans to explore eco-friendly business opportunities and to continuously expand its portfolio by considering market trends such as changes in the global energy mix. By 2025, the company plans to strengthen its battery-centred green portfolio (Green Anchoring) and transform its existing petrochemical business into an eco-friendly business model.

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