SEOUL, June 14 (Korea Bizwire) — South Korean battery maker SK Innovation Co. said Tuesday it will invest US$30 million in Amogy Inc., a U.S. developer of ammonia-based, emission-free power solutions, and cooperate in the development of related technologies.
To that end, both companies signed a deal on strategic investment and a memorandum of understanding on technology cooperation in a ceremony in San Jose, California, on Sunday, SK Innovation said.
With the investment, SK Innovation, also South Korea’s top refiner, said it will start developing technologies for an ammonia-based fuel cell system and push to expand the related market.
Amogy, founded by four MIT Ph.D. alumni in 2020 and located in Brooklyn, New York, specializes in building a decarbonized future transportation system using ammonia as a renewable fuel, including tractors and drones.
SK Innovation, which belongs to South Korea’s No. 3 conglomerate SK Group, has under its wing battery-producing subsidiary SK On, which was spun off in October last year.