O’Melveny helps SK invest in ammonia energy startup

O’Melveny helps SK invest in ammonia energy startup

O’Melveny assisted SK Innovation, an intermediate holding company of South Korean conglomerate SK Group, in its USD30 million investment in Amogy, a US company specialising in ammonia-based fuel cell systems. The transaction is a bridge note financing, which is convertible into equity on certain further equity financings.

Partner and corporate practice head Daniel Kim led the O’Melveny team in Seoul with the help of partner Kim Woojae and associates Park Hae-in and Elizabeth Lopez.

Established in 1962 as Korea’s first and largest oil refining company, SK Innovation is engaged in petroleum, alternative energy, oil exploration, e-mobility battery, and information and electronic materials businesses along with eight subsidiaries. Amogy was founded in 2020 in New York to develop a novel carbon-free energy system using ammonia as a fuel for industrial transportation.