South Korean energy company SK Innovation will invest $30 million in U.S.-based Amogy to develop ammonia-based fuel cell systems as it seeks to expand businesses in low-carbon energy.
The two companies signed a memorandum of understanding on technology cooperation in San Jose, California, on June 12, Yonhap News Agency reported.
SK Innovation said it plans to build ammonia-based fuel cell system technology and expand the related market.
Amogy was established in November 2020 by four doctoral graduates from the Massachusetts Institute of Technology (MIT) with the goal of converting ammonia into a sustainable power and, as a result, decarbonizing transportation.
According to Amogy, ammonia has a relatively high energy density that allows vehicles to be compact, lightweight, and travel for longer durations….