Amogy Bags $23M Investment for Ammonia-to-Power Expansion in Asia
Amogy, a provider of ammonia-to-power solutions, has secured additional $23 million in venture financing, to accelerate the development of its maritime products and supporting its expansion into the Asian market.
The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley, with participation from new investors BonAngels Venture Partners and Pathway Investment.
With this increase, Amogy has now raised a total of nearly $300 million since its inception and reached a new high in the company valuation.
After sailing the world’s first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has continued advancing partnerships with maritime industry leaders to deploy its technology in newbuild and retrofit vessel applications in support of international goals to decarbonize global shipping.
In addition, the company has expanded operations in South Korea and rapidly accelerated the applications of its technology in stationary power generation. Most recently, this included a partnership with the South Korean city of Pohang to deploy a clean, ammonia-fueled distributed power generation system up to 40 MW for commercial operations by 2028-2029.
“We’ve long recognized the strong demand for ammonia-to-power technology in the shipping industry, but we also see much broader opportunities to use ammonia as a clean fuel – especially with the growing demand for the ‘clean power’ globally. We’re ready to meet that market demand.
“Support for a hydrogen-based economy is especially strong in Asia, and as the most cost-effective hydrogen carrier, ammonia is quickly evolving into the leading zero-carbon fuel solution for these markets. We are deeply grateful for the strong confidence our investors have placed in our vision and growth trajectory,” said Seonghoon Woo, co-founder and CEO at Amogy.
For South Korea, Japan, Singapore, and other Asian nations that do not have abundant fossil fuel deposits and must import most of their fuels, ammonia is an attractive and economic means for transporting and storing zero-carbon energy.
In South Korea, policies like the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are driving a new energy economy, with hydrogen and ammonia projected to generate 2% of the country’s electricity by 2030 and 7% by 2035.
