Mitsubishi Corporation and Amogy With Sk Innovation Join Forces to Unlock the Potential of Amogy's Ammonia Cracking Technology in Japan and South Korea

BROOKLYN, N.Y., Dec. 20, 2023 /PRNewswire/ -- Mitsubishi Corporation and Amogy are excited to announce a strategic partnership that will focus on accelerating the adoption of Amogy's ammonia-to-power and ammonia cracking technology in large-scale hydrogen carrier applications in East Asia, particularly Japan and South Korea.

The joint study set to commence in December 2023 with SK Innovation, will first assess a large-scale deployment of Amogy's technology, including analysis of costs across the value chain, and explore opportunities for market expansion across the ammonia and hydrogen supply chain. Upon the completion of the initial phase, three companies are looking to explore joint pilot opportunities in the strategic regions.

Ammonia, a versatile and widely used chemical compound, has emerged as a promising renewable fuel and a cost-effective carrier of hydrogen. Ammonia can be created by combining hydrogen and nitrogen at the export location. It is then decomposed (cracked) back to hydrogen and nitrogen at the receiving site and used in multiple applications including power generation, a process that enables safe and efficient transportation. Ammonia has high energy density, favorable storage characteristics, and a well-established transportation infrastructure due to its use in industrial products such as fertilizer. Amogy's technology combines ammonia cracking and hydrogen fuel-cell power generation into a single system, enabling streamlined and efficient use of this low-carbon fuel. In addition, Amogy's ammonia cracking technology is expected to have high potential to be utilized as hydrogen carrier in large-scale transportation.

Countries such as Japan and Korea suffer from the lack of abundant renewable resources, necessitating the imports low-carbon fuels. Both countries have identified ammonia as an attractive and commercially viable hydrogen carrier and plan to use it to decarbonize their power generation, industrial heat generation, and maritime shipping in the near future. Japan plans to utilize 3 million metric tons per year (MTA) of ammonia as fuel by 2030 and anticipates increasing its ammonia imports to 30 MTA by 2050. Korea announced ambitious plans to utilize hydrogen and ammonia to meet 7.1% country's power demand by 2036.

This collaboration marks an important step towards advancing clean energy solutions for a sustainable future by informing how we transport and utilize hydrogen, transforming the energy landscape in both Japan and Korea. With the urgent need to reduce emissions in both countries, this partnership underscores the importance of innovative thinking to progress technologies that will help us achieve that goal.

Both Mitsubishi Corporation and SK Innovation have participated in Amogy's recent $150M Series B fundraising which was led by SK Innovation.

About Amogy:

Founded in 2020, Amogy is on a mission to unlock the potential of ammonia as a clean energy source, accelerating the global journey to Net Zero and sustaining future generations. With a presence in Brooklyn, Houston, Norway, and Singapore, Amogy is developing fully integrated ammonia-to-power systems to enable the decarbonization of the hard-to-abate sectors, such as shipping, power generation, and heavy-duty transportation.

To date, Amogy's technology has been demonstrated with success in a drone, tractor, and semi-truck. Currently, the Amogy team is retrofitting a tugboat, poised to become the world's-first ammonia-powered vessel. Amogy is also renovating a $40 million manufacturing facility in Houston, which will launch its commercialization efforts. The company's investors include Amazon's Climate Pledge Fund, AP Ventures, SK Innovation, Aramco Ventures and Mitsubishi Corporation. For more, please visit amogy.co, and follow @amogyinc on LinkedIn, Twitter, Instagram, Threads, Facebook, and YouTube.

About Mitsubishi Corporation (MC):

MC is a global integrated business enterprise that develops and operates businesses through its global network. MC has 10 Business Groups including Natural Gas, Mineral Resources, Power Solution and so on. Through the 10 Business Groups plus the addition of its Industry Digital Transformation Group and Next-Generation Energy Business Group, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.
https://www.mitsubishicorp.com/

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SOURCE Amogy