9.20.22-Sustainability-Amogy-2

DAN NGUYEN: Hi, my name is Dan Nguyen, business development manager at Amogy. We are an ammonia energy company and we have a big solution for a big challenge. We were founded in 2020 by four MIT alumni and we're currently headquartered in the Brooklyn Navy Yard, which is an urban center for manufacturing and innovation. We've raised $70 million to date from investors such as SK and Amazon. And we currently have over 70 employees and we're growing rapidly.

We're opening an office later this year in Norway, to be closer to the maritime and sustainability innovation, as well as Houston, Texas. Global greenhouse gas emissions are increasing rapidly, as everybody has kind of discussed today. And the amount contributed by transportation and coal power plants is increasing even faster. While there have been some solutions in personal transportation, there has not been any sustainable solutions for heavy industrial transportation until now. With our technology, we hope to reduce global greenhouse gas emissions by 10%, and we see that as a trillion dollar opportunity.

Some of the common technologies that we're familiar with include hydrogen and lithium ion batteries. While there are zero emissions at the point of use, they lack the energy density required for high endurance applications, and there lacks infrastructure to support it as a fuel. Hydrogen is expensive and costly to produce, store, and compress. And lithium ion batteries require a lot of power and time to recharge.

Ammonia overcomes these three obstacles. It has 0 emissions at the point of use, has high energy density, and has existing infrastructure globally to support it as a fuel. Ammonia has been produced industrially for fertilizer for over 100 years and is used widely across the planet. It is currently handled in over 20 ports and is available in most countries.

As a fuel, it is five times more energy-dense than batteries and 2 and 1/2 times as energy-dense as hydrogen gas. Our solution is a miniaturized ammonia power system that can efficiently convert ammonia into electricity. This is a diagram of a prototype that we built last year, which is a 5 kilowatt drone. Our system consists of a liquid ammonia tank that we feed into a reactor, where we have a proprietary ruthenium-based catalyst.

And we have over 30 patents filed around the catalyst as well as the reactor design. That ammonia is converted into hydrogen, which we feed to a low-temperature PEM fuel cell. What is interesting about our technology is that we do not require onboard hydrogen storage, so we can produce electricity on demand. Since then, we've scaled up over 20 times to 100 kilowatt system in a tractor. We drove this tractor in upstate New York, and we were actually able to do a lot of farm activities, such as blowing grain and pulling this combine.

We were also able to increase our efficiency by up to over 42%, which also takes into account the 50% loss over the fuel cell. One of the first movers we see using ammonia as a fuel is the maritime transportation. The IMO has set pretty ambitious goals to reduce carbon emissions by 2050. And in order to meet those goals, we must act now.

A lot of the ammonia producers that are expecting its use as a fuel are also increasing their capacity and spending money to produce or increase their output of ammonia, both blue and green. We're also targeting a tugboat demonstration later in next year, which will have about a 1 megawatt power output. We see that the solution is bigger than just Amogy. We're partnering with a variety of industries and organizations in order to make sure that we're operating safely and efficiently.

Our solution is bigger than just shipping. We're also targeting large industrial transportation for mining and construction, as well as stationary power generation for remote applications and utility electricity generation. Where we've been, we've done two technical demonstrations over the last two years. And we're looking to commercialize pilot and commercialize our technology over the next two years.

The solution is, again, bigger than just us. We're looking for everybody across the value chain, including asset owners, powertrain integrators, and users, to pilot our technology to help launch it and commercialize it. And if you want to discuss more, we'll be at the conference next door. Thank you.

[APPLAUSE]