U.S.-based provider of ammonia-to-power solutions Amogy has opened an office in the Pangyo Techno Valley in South Korea, positioning the company for growth and commercialization.
Amogy cited Korea’s status as an early adopter in ammonia and hydrogen fuel technologies, along with national policies that support the cleantech economy, as a major driver in its decision to start operations in this country.
The company said: “In 2024, South Korea held the world’s first auction for electricity generation using hydrogen and ammonia under the Clean Hydrogen Production Standard (CHPS). The country is also advancing grid stability through the recently enacted Distributed Energy Act (DEA), which promotes distributed generation to meet growing power demands.”
“Additionally, home to three of the world’s leading shipyards, South Korea stands at the forefront of maritime innovation and the development of hydrogen technologies. As the largest market for fuel cell solutions in terms of total power output deployed and with a goal to commercialize ammonia-fueled power generation by 2030, South Korea is a key market for Amogy’s ammonia-based energy solutions.”
By establishing a formal presence in this key Asian market, Amogy will be in proximity to investors and partners such as SK Innovation, Samsung Heavy Industries, HD Hyundai, Hanwha, SV Investment and Korea Zinc. Moreover, the company will be closer to key maritime and hydrogen technology supply chains.
Seonghoon Woo, CEO and Co-Founder of Amogy, commented: “Under the significant regulatory support for its hydrogen economy, South Korea’s network of world-class organizations in manufacturing, maritime, and hydrogen and ammonia technologies has already been instrumental in accelerating Amogy’s growth.”
“This expansion lays the foundation for even stronger roots in a region that will continue to be critical for Amogy as we bring our solutions to the market. Together with our partners and investors in the region, we are dedicated to advancing South Korea’s vision of carbon-free power and heavy industry decarbonization, driving its economic growth and leadership throughout the energy transition.”
Amogy’s new office in Pangyo will be led by Stone Zhang, Managing Director in Asia. As disclosed, Zhang will oversee business development for the Asia-Pacific region.
“Our entry into the South Korean market comes at a pivotal moment. With the help of transformative legislation like CHPS and DEA, Korea is projected to generate 2% of its electricity from hydrogen and ammonia by 2030, increasing to 7% by 2035,” Zhang stated.
“Building on this momentum, Amogy is partnering with leading innovators such as SK Innovation, HD Hyundai Infracore, Samsung Heavy Industries, and Hanwha to develop ammonia-fueled solutions for distributed power generation and maritime applications. This new office will enable closer collaborations across the local value chain with industry players who are just as invested as us in the decarbonization journey.”
To note, in September 2024, Amogy passed a major milestone with the successful maiden voyage of the “world’s first” carbon-free, ammonia-powered vessel . Bolstered by a recently announced investment of $56 million in venture financing, the company is now, reportedly, advancing towards commercializing its solutions to achieve its mission of decarbonizing hard-to-abate sectors such as global shipping and power generation.