Amogy Secures $56 Million in Funding to Advance Ammonia-to-Power Technology

U.S.-based ammonia-to-power solutions provider Amogy has successfully raised $56 million in venture financing to expedite the commercialization of its innovative technology in key markets such as maritime and stationary power generation.

The recent funding round was co-led by existing investor Aramco Ventures and new investor SV Investment. Joining them were prominent new investors including Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP. Existing investors such as Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners also participated in the round.

With this latest infusion of capital, Amogy’s total funding since its inception now exceeds $270 million, marking a significant milestone for the company.

Amogy recently made headlines with the successful demonstration of its ammonia-to-electrical power system, powering the “world’s first” carbon-free ammonia-powered vessel that set sail in September 2024.

Prior to this achievement, Amogy showcased the versatility of its technology by powering an aerial drone, commercial farm tractor, and semi-truck in earlier demonstrations.

Seonghoon Woo, CEO and co-founder of Amogy, expressed his enthusiasm about the company’s progress, stating, “Since our founding just four years ago, we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power.”

Woo added, “The latest technical demonstration – the successful sailing of the NH3 Kraken, our ammonia-powered tugboat – showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonization goals in heavy industries. On the heels of this monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors representing a mix of industries who are supporting our rapid push towards commercialization.”

Ilyong Choi, Executive Vice President of SV Investment, commended the Amogy team for their remarkable progress in developing their ammonia-powered technology, noting their commitment to commercialization and focus on research and development.

Choi stated, “Amogy’s strategic execution plan is set to bring their technology to the forefront of distributed generation and maritime applications, with impactful deployment expected at the right sites and timelines by 2026.”