Amogy Secures $23M to Fuel Ammonia-to-Power Expansion Across Asia

Amogy, a global leader in ammonia-to-power solutions, announced on Tuesday that it has secured an additional $23 million in venture capital. This new funding builds on the round first revealed in January 2025, bringing the company’s total capital raised to nearly $300 million and pushing its valuation to a new high.

In a statement, the company said the fresh investment will accelerate its rollout of stationary power generation systems and speed up development of its maritime technologies. It will also support Amogy’s growing footprint in Asia, a region the company sees as key to its long-term growth.

The round was co-led by Korea Development Bank and its U.S. affiliate, KDB Silicon Valley LLC. Several new investors also joined, including BonAngels Venture Partners, Pathway Investment, and JB Investment.

Amogy has gained momentum in recent years, particularly after making headlines in September 2024 with the launch of the world’s first carbon-free, ammonia-powered maritime vessel. Since then, the company has strengthened its partnerships with major players in the shipping industry to integrate its technology into both newbuilds and retrofit vessels. These efforts support broader international goals to decarbonise global shipping.

The company has also expanded its operations in South Korea, utilising its ammonia-to-power technology in the stationary power sector. One of its most ambitious collaborations is with the city of Pohang, where Amogy plans to deploy a clean, ammonia-fueled distributed power system capable of generating up to 40 megawatts of power. The project is expected to be commercially operational by 2028 or 2029.

“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 ‘clean power’ globally,

We’re ready to meet that market demand,” said Seonghoon Woo, Co-founder and Chief Executive Officer at Amogy.

Asia, the company notes, is uniquely positioned to lead the transition to a hydrogen-based economy. Countries like South Korea, Japan, and Singapore import the majority of their energy and are actively exploring alternatives to fossil fuels. Ammonia, which is the most cost-effective hydrogen carrier available, has emerged as a promising zero-carbon fuel for transporting and storing clean energy in 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,” he added.

In South Korea, policy support has been robust. Initiatives such as the Clean Hydrogen Portfolio Standard and the Distributed Energy Act are helping to build a new energy economy. Current projections suggest that by 2030, hydrogen and ammonia could contribute 2 per cent of the country’s electricity generation, growing to 7 per cent by 2035.

Amogy’s core mission is to decarbonise heavy-emitting sectors, such as maritime transport, industrial power, and large-scale electricity generation. The company’s proprietary ammonia cracking technology enables the efficient splitting of ammonia into hydrogen and nitrogen, offering a scalable, carbon-free alternative for hard-to-abate industries.

Headquartered in Brooklyn, New York, Amogy also operates in Texas, South Korea, Norway, and Singapore. The company is backed by a global roster of strategic investors, including Amazon’s Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures.