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Expansion comes amidst rising interest in ammonia as an alternative fuel in the APAC region
BROOKLYN, N.Y. and SINGAPORE, July 3, 2023 /PRNewswire/ -- Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, announced today it has started operations in Singapore. Amogy has hired maritime industry veteran Svein Erik Oeiestad as its Head of Business Development and Sales in the region. Establishing a presence in Singapore will allow Amogy to expand its strategic maritime and power generation presence in Asia.
"With our sights set on reducing overall global carbon emissions, we're thrilled to expand our presence in Asia," said Seonghoon Woo, CEO & co-founder of Amogy. "Singapore is a major player in the international shipping industry, and we're excited to be more closely involved in the progress being made around clean energy adoption here."
Amogy's proprietary ammonia-cracking technology aims to unlock ammonia's potential as a clean energy source to support decarbonization efforts and to further strengthen global energy security efforts. Ammonia is predicted to become the leading fuel source for the global merchant fleet by 2050, with the International Maritime Organization (IMO) aiming to cut global shipping greenhouse gas emissions by 50% by then.
Ammonia power generation is currently being explored by several countries in Asia in a bid to reduce carbon emissions and support energy security initiatives. South Korea has a goal to commercialize ammonia-fueled power generation by 2030 and India's state-owned ONGC recently announced the development of a million-tonne-per-year green ammonia production and storage facility.
The Maritime & Port Authority of Singapore (MPA) and the Singapore Energy Market Authority (EMA) launched last year an Expression of Interest (EOI) process to build, own and operate low or zero-carbon power generation and bunkering projects on Jurong Island, noting that they saw ammonia power as a "promising pathway" to decarbonization. Singapore has also committed to achieving net-zero emissions by 2050.
Amogy has existing partnerships with Singapore-based SGX-listed regional integrated marine logistics company Marco Polo Marine Pte. Ltd. Additionally, Temasek and Synergy Marine Group were investors in Amogy's recent $150 million USD Series B round.
"We're encouraged by recent regulatory efforts in Singapore and the exploration of ammonia as a source of power," said Svein Erik Oeiestad. "We share the MPA and EMA's belief in ammonia as an efficient hydrogen carrier and look forward to partnering with the government and private sector in order to make clean ammonia power a reality for maritime shipping and power generation."
Amogy recently announced it is building a zero-emission ammonia-powered vessel with the intention of sailing it by the end of 2023 and signed the first pre-order for its highly efficient ammonia-to-power technology last month.
To learn more about Amogy and its technology, please visit www.amogy.co.
About Amogy
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, Saudi Aramco 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
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