Ammonia technology company Amogy has secured $23 million in venture financing. The funds will be used to drive market entry in Asia and scale stationary power applications alongside maritime innovation.
The Brooklyn-based company said its ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating power with zero carbon emissions.
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.
After sailing what it said was the world’s first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has expanded its maritime partnerships to deploy its technology in newbuild and retrofit vessel applications. The company has also expanded operations in South Korea and accelerated the applications of its technology in stationary power generation.
“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,” said Seonghoon Woo, Co-founder and CEO at Amogy. “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.”
