Amogy Secures $56 Million to Propel Carbon-Free Power Innovation in Cleantech Sector

Image Credit: Amogy

Amogy, a pioneer in ammonia-to-power technology, has raised $56 million in new funding, bringing its total to over $270 million. The round, co-led by Aramco Ventures and SV Investment, also saw participation from major investors including 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.

This funding follows a successful demonstration of Amogy’s ammonia-powered maritime vessel in September 2024, a milestone in clean energy innovation. The company’s technology, which converts ammonia into hydrogen and nitrogen to generate high-performance, carbon-free power, has also been proven in applications like drones, farm tractors, and trucks.

“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.”

“The Amogy team has demonstrated exceptional progress in developing their ammonia-powered technology through a systematic and highly effective approach,” said Ilyong Choi, Executive Vice President of SV Investment. “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.” 

“Amogy's novel catalyst and reformer technology enables ammonia cracking at a significantly lower temperature and operating footprint, unlocking transportation use cases that were previously not operationally or economically feasible,” said Laurel Buckner, Vice President of Ventures at BHP. “With our investment, BHP Ventures deepens its commitment to technologies that drive innovation, reduce emissions, and support BHP’s broader sustainability strategy."

About Amogy

Headquartered in Brooklyn, New York, with additional locations in Houston, Norway, and Singapore, Amogy specializes in decarbonizing hard-to-abate sectors like maritime, power generation, and heavy industry. Its scalable ammonia-to-power system offers a highly efficient, carbon-free solution to meet global energy needs.