U.S.-based ammonia-to-power solutions provider Amogy has raised $56 million in venture financing to accelerate commercializing its technology in markets such as maritime and stationary power generation.
As disclosed, the financing round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round were Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors Temasek, MOL Switch, Yanmar Ventures , AP Ventures, and Marunouchi Innovation Partners.
The latest investment brings Amogy’s total raised since inception to more than $270 million.
It follows the company’s latest demonstration of its ammonia-to-electrical power system in September 2024 when the “world’s first” carbon-free ammonia-powered vessel sailed.
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In earlier demonstrations, Amogy used its technology to power an aerial drone, commercial farm tractor, and semi-truck.
“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,” said Seonghoon Woo , CEO and co-founder of Amogy.
“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 industry who are supporting our rapid push towards commercialization.”
Ilyong Choi , Executive Vice President of SV Investment, commented: “The Amogy team has demonstrated exceptional progress in developing their ammonia-powered technology through a systematic and highly effective approach.
“Their unwavering commitment to commercialization, coupled with a deep focus on research and development, has instilled confidence among partners in the viability and adaptability of their solutions for diverse customer needs. 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.”