Ammonia-to-power solutions company Amogy has secured an additional US$ 23m in venture financing, which is intended to strengthen the company and accelerate development of its maritime products, supporting expansion into the Asian market.
The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors BonAngels Venture Partners, Pathway Investment and JB Investment. With this increase, Amogy has now raised a total of nearly US$ 300m since its inception.
After demonstrating 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 decarbonise global shipping. In addition, the company has expanded operations in South Korea and accelerated its technology in stationary power generation.
Seonghoon Woo, co-founder and CEO, Amogy, said: “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. We are deeply grateful for the strong confidence our investors have placed in our vision and growth trajectory. We are especially proud to partner with institutions like Korea Development Bank, whose deep expertise in scaling energy infrastructure brings significant value to our mission.”
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.
Image: Amogy’s ammonia-fuelled tug demonstration (source: Amogy)
