Amogy Raises $23M in Asia Expansion for Ammonia Power Tech.

NEW YORK, NY - Amogy Inc. has closed an additional $23 million equity financing round, the company announced, bringing the total funding effort initially announced in January to $80 million.

The financing brings the total capital raised by the Brooklyn-based ammonia-to-power technology company to nearly $300 million since inception.

The company stated that the round resulted in a new high valuation, but did not disclose the exact figure.

Korea Development Bank and KDB Silicon Valley LLC co-led the round. New investors, including BonAngels Venture Partners, Pathway Investment, and JB Investment, participated.

The company stated that the proceeds will fund market entry in Asia and the scaling of stationary power applications. Amogy has expanded its operations in South Korea.

Amogy has partnered with Pohang, South Korea, to deploy an ammonia-fueled distributed power generation system with a capacity of up to 40 megawatts. Commercial operations are planned for 2028-2029.

The company's technology splits ammonia into hydrogen and nitrogen through what it describes as patented ammonia cracking technology.

The hydrogen is directed into a fuel cell or hydrogen engine to generate power.

Chief Executive Seonghoon Woo said there is strong demand for ammonia-to-power technology in shipping and broader opportunities for ammonia as a clean fuel.

Amogy said it operated an ammonia-powered maritime vessel in September 2024, calling it the world's first carbon-free vessel of this type.

The company has partnerships with maritime industry companies for vessel applications.

The company operates facilities in Texas, South Korea, Norway, Singapore, and New York.

Existing investors include Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures.

South Korea's Clean Hydrogen Portfolio Standard and Distributed Energy Act support the development of hydrogen and ammonia energy.

The company cited projections that these fuels will generate 2% of South Korea's electricity by 2030 and 7% by 2035.