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Amogy upsizes its Series B for alt fuels production

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Illustration of a large gas tank and ammonia molecules made from quarters.

Illustration: Gabriella Turrisi/Axios

Brooklyn-based alternative fuels producer Amogy added another $11 million to its Series B, capping the round at $150 million, the company announced this morning.

Why it matters: The company has drawn backing from some of the biggest names in heavy industry.

Details: Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America and Synergy Marine participated in the round.

Meanwhile, SK Innovation led Amogy's initial all-equity round, which closed at $139 million in March.

  • That B-1 round included Temasek, Korea Zinc, Aramco Ventures, AP Ventures, Mol Plus, Yanmar Ventures, Zeon Ventures and DCVC.

How it works: Amogy makes ammonia-based fuels for heavy-duty vehicles and ships.

  • The company built an ammonia-powered tugboat that it plans to demonstrate in New York later this year.
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