Amogy secures additional $23m to boost ammonia-to-power in shipping industry

One city in South Korea also hopes to use this technology to generate electricity.

Amogy has secured an additional $23m in venture financing, boosting its efforts to develop ammonia-to-power technology for the shipping industry and its expansion in Asia.

In a statement, Amogy said the round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors BonAngels Venture Partners, Pathway Investment and JB Investment.

Amogy has now raised a total of nearly $300m since its inception and reached a new high in the company valuation.

“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,” said Seonghoon Woo, co-founder and CEO at Amogy.

The company launched the first carbon-free, ammonia-powered maritime vessel in September 2024, which allowed it to form partnerships with maritime industry leaders to deploy its technology in newbuild and retrofit vessel applications.

Amogy has also expanded operations in South Korea and accelerated the applications of its technology in stationary power generation. This includes a partnership with the city of Pohang to deploy an ammonia-fuelled distributed power generation system up to 40 megawatts for commercial operations by 2028-2029.