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.
