U.S.-based ammonia-to-power solutions provider Amogy has secured an additional $23 million in venture financing to advance development of its maritime products and support expansion into Asian markets.
The latest investment round, co-led by Korea Development Bank (KDB) and KDB Silicon Valley, with participation from new investors BonAngels Venture Partners, Pathway Investment, and JB Investment, expands the fundraise initially revealed in January 2025.
According to Amogy, since its inception, a total of nearly $300 million has been raised, including the latest increase, which represents a new high in the company’s valuation.
The investment is expected to strengthen the company’s momentum in delivering stationary power generation systems, while accelerating the development of its maritime products and supporting its expansion into the Asian market.
Amogy’s endeavors in ammonia power solutions include sailing the “ world’s first” carbon-free, ammonia-powered maritime vessel in September 2024, followed by partnerships with maritime industry players to deploy its technology in newbuild and retrofit vessel applications in support of international goals to decarbonize global shipping.
In addition, the company has expanded operations in South Korea and concluded a partnership with the South Korean city of Pohang to deploy a clean, ammonia-fueled distributed power generation system up to 40 MW for commercial operations by 2028-2029.
“We’ve long recognized 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 the ‘clean power’ globally. We’re ready to meet that market demand,” said Seonghoon Woo , Co-Founder and CEO at Amogy.
“Support for a hydrogen-based economy is especially strong in Asia, and as the most cost-effective hydrogen carrier, ammonia is quickly evolving into the leading zero-carbon fuel solution for 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.”