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Amogy, Marunouchi, Mitsubishi upsize Series B for ammonia fuels

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May 24, 2023

Amogy, Marunouchi, Mitsubishi upsize Series B for ammonia fuels

Illustration: Gabriella Turrisi/Axios Brooklyn-based alternative fuels producer

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.

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

Why it matters: Details: Meanwhile, How it works: