Starfire Energy, a Denver startup that makes parts for ammonia makers, has raised $24 million in Series B funding, the company exclusively tells Axios.
Why this is important: Emerging companies like Starfire are attracting investors as the demand for clean energy grows, and as systems become more complex.
Details: Samsung Ventures led the round and will get a board seat as part of the deal.
- The round includes a convertible note at closing, CEO Joe Beach tells Axios. Beach declined to disclose the value of the round.
How it works: Starfire Energy manufactures modular ammonia production plants that can adjust power needs in response to renewable energy sources such as solar and wind.
- It is also developing a second module capable of “splitting” ammonia into hydrogen and nitrogen using renewable energy and molecules in a circular production cycle.
- Starfire is working on its third prototype of the first ammonia production module and aims to produce the modules in commercial size in late 2023 or early 2024, Beach says.
Game mode: So-called green ammonia is on investors’ radars as a potential alternative to fossil fuels. But ammonia production often depends on traditional energy, making it far from green.
- It also requires the transport of hydrogen, which is complex and very powerful.