Get featured

Amogy raises $80m to decarbonise shipping

Amogy raises m to decarbonise shipping

Amogy secures $23 million to expand clean fuel technology. The recent funding brings Amogy’s total to $80 million, strengthening its focus on ammonia-based solutions for maritime and power generation. The company targets expansion into Asia, with plans for a project in South Korea….

Amogy, a clean fuel technology startup, has announced an additional $23 million in venture financing, increasing its total funding round to $80 million. Established in Brooklyn, New York in 2020, Amogy provides ammonia-based, emission-free, high energy-density power solutions aimed at decarbonising challenging sectors such as heavy-duty transportation, maritime, power generation, and heavy industry. The company’s technology converts liquid ammonia into hydrogen and nitrogen, using hydrogen to power fuel cells or electric motors, facilitating zero-carbon transportation and power generation.

In September 2024, Amogy demonstrated its ammonia-to-electrical power system by launching the world’s first carbon-free, ammonia-powered maritime vessel. The company has formed partnerships with maritime industry leaders to implement its technology in new and retrofit vessel applications.

With the new financing, Amogy plans to enhance its maritime decarbonisation efforts, expand into stationary power generation, and enter the Asian market. The company has recently partnered with the South Korean city of Pohang to deploy a clean, ammonia-fuelled distributed power generation system of up to 40 MW, aiming for commercial operations by 2028-2029.

Seonghoon Woo, co-founder and CEO at Amogy, stated: “We’ve long recognised 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.”

The new venture financing round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors, including BonAngels Venture Partners, Pathway Investment, and JB Investment. To date, the company has raised nearly $300 million.

—

BQ

Stories for you —

  • Inflation is creeping back through services

    Inflation is creeping back through services

    Service-sector inflation is returning through contracts, transport, and energy bills. March data suggest companies are absorbing faster cost increases while demand, pricing power, and confidence soften.

  • Data sovereignty becomes a capital question

    Data sovereignty becomes a capital question

    Data infrastructure decisions now sit beside debt, power, and politics. TikTok’s Finnish expansion and wider financing moves show sovereignty is now a capital-allocation issue, not just a compliance one.

  • Rewards gap leaves workers feeling overlooked

    Rewards gap leaves workers feeling overlooked

    Modest rewards still matter, but access remains sharply uneven nationwide. GCVA says gift cards can boost morale and loyalty, yet part-time workers and public sector staff are far less likely to receive them.