SK Innovation to invest $30 mil. in Amogy
SK Innovation Vice Chairman Kim-jun, second from left, shakes hands with Amogy CEO Woo Seong-hoon, second from right, after signing a memorandum of understanding on investment and technical cooperation in San Jose, California, June 12. Courtesy of SK Innovation
By Kim Jae-heun
SK Innovation has decided to invest $30 million (38.59 billion won) in Amogy, a U.S. developer of ammonia-based fuel-cell systems, and cooperate with the firm on related technologies, the local battery maker said Tuesday. This is part of SK Innovation's efforts to speed up discovering new eco-friendly projects and form a green portfolio.
SK Innovation Vice Chairman Kim Jun said at a recent global forum held in the U.S. that the company will expand its portfolio and increase corporate value by securing and commercializing related technologies in the areas of zero- and low-carbon energy.
This led SK Innovation and Amogy to meet in San Jose, California, on June 12, and sign a memorandum of understanding (MOU) on cooperation in developing ammonia-based fuel system technology and expand business in the related markets.
The MOU ceremony was attended by the SK Innovation Vice Chairman Kim, SK Innovation Portfolio Division head Kim Chul-joong, SK Innovation Environmental Science and Technology head Lee Seong-joon and Amogy CEO Woo Seong-hoon.
Amogy is a clean energy startup established in 2020 and is led by a number of MIT doctoral graduates who have developed a small ammonia-based fuel cell system and applied it to industrial equipment such as tractors and drones.
The American clean energy startup is backed by major shareholders including U.S. retail giant Amazon and AP Ventures, an investment company specializing in the U.K.'s hydrogen industry.
One of the biggest reasons SK Innovation invested in Amogy is because ammonia is a key to growing the eco-friendly hydrogen economy. Hydrogen fuel cell technology for electricity generation is under active development around the world.
“SK Innovation's 'Carbon to Green' strategy and Amogy's distinctive technology have combined to bear their first fruit. We will continue to build an eco-friendly portfolio through the active development and utilization of low-carbon and carbon-free energy,” an SK Innovation official said.