AMOGY Inc. (CEO; Seonghoon Woo; Head Office: Brooklyn, New York, U.S.), Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Head Office: Minato-ku, Tokyo), and MOL PLUS Co., Ltd. (Representative: Takuya Sakamoto; Head Office: Minato-ku, Tokyo) today announced the signing of a Memorandum of Understanding (MoU) on the adoption of ammonia-to-power systems (Note 1) developed by AMOGY for ships, and for the establishment of an ammonia supply chain. In accordance with the signing of the MoU, MOL PLUS invested in the Series B financing of AMOGY.
With the objective of supporting social implementation of AMOGY's ammonia-to-power system technology, MOL will consider collaboration with the company on using ammonia-to-power system on MOL Group-operated vessels and initiatives to establish an ammonia value chain, including the supply of ammonia fuel to ships equipped with ammonia-to-power system.
MOL PLUS participated in this financing round to promote collaboration. With the investment, MOL PLUS expects AMOGY to make significant contributions to the decarbonization of ships and trucks and to the reduction of GHG emissions.
AMOGY has already demonstrated its innovative technology in a drone (5 kW), tractor (100 kW), and most recently, a Class 8 truck (300 kW). AMOGY plans to commercialize its technology to maritime shipping and potentially industrial power generation applications in the next few years.
