Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks
Amogy Secures $56M Funding for Zero-Carbon Power Technology
Source: Amogy

Amogy Secures $56M Funding for Zero-Carbon Power Technology

Clean tech firm Amogy raises $56M in venture funding for ammonia-to-power solutions, backed by 13 global investors.

Philip Lee profile image
by Philip Lee

New York, NY - Amogy has secured $56 million in venture financing, increasing its total capital raised to $270 million since inception.

The post-money valuation is not disclosed to the public.

The funding round was co-led by existing investor Aramco Ventures and new investor SV Investment

Eight new investors joined the round: Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP

Five existing investors participated: Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.

The funding announcement follows the company's September 2024 demonstration of an ammonia-powered maritime vessel. 

Amogy has previously demonstrated its ammonia-to-power technology in three other applications: an aerial drone, a commercial farm tractor, and a semi-truck.

The company's technology converts ammonia into hydrogen and nitrogen. 

The hydrogen feeds into either a fuel cell or a hydrogen engine to generate power with zero carbon emissions.

Amogy will direct the new funding toward commercializing maritime shipping and stationary power generation markets. 

The capital will also support research and development initiatives and manufacturing expansion.

The company expects technology deployment by 2026. 

Its ammonia cracking process operates at lower temperatures and with a reduced operating footprint compared to traditional methods.

Philip Lee profile image
by Philip Lee

Subscribe to The Pickool

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More