Amogy, a U.S.-based pioneer in ammonia-based carbon-free power generation, has announced the successful completion of a $56 million venture funding round. This latest investment brings Amogy’s total funding to date to over $270 million, reinforcing its leadership in sustainable energy solutions for hard-to-decarbonize industries such as maritime shipping and power generation.
The funding round was co-led by Saudi Aramco Ventures and SV Investment, with participation from new investors including Samsung Heavy Industries, Australian mining giant BHP, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul Investment Partners. Existing investors such as Singapore’s Temasek, Japanese shipping companies MOL, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners also participated, underscoring strong global confidence in Amogy’s innovative technology.
Amogy’s groundbreaking technology uses ammonia “cracking” to separate ammonia into hydrogen and nitrogen. The resulting hydrogen is then supplied to a fuel cell or hydrogen combustion engine, enabling the generation of clean electricity without any carbon emissions. The company has already demonstrated its technology across various applications, including aerial drones, commercial agricultural tractors, and semi-trucks. Notably, in September 2024, Amogy made global headlines by unveiling the world’s first zero-emission, ammonia-powered vessel, the NH3 Kraken.
“We are delighted to receive continued trust and support from leading global investors, even amidst a challenging investment environment,” said Woo Sung-hoon, CEO and Co-Founder of Amogy. “This funding enables us to accelerate the commercialization of our ammonia-based solutions and strengthen our R&D capabilities to meet the growing global demand for sustainable energy solutions.”
Samsung Heavy Industries, a strategic investor in this round, plans to expand its collaboration with Amogy to jointly develop next-generation power generation technologies based on ammonia. This partnership aligns with Korea’s vision to lead in sustainable energy innovation and eco-friendly maritime solutions.
SV Investment’s Senior Team Leader, Il-Yong Choi, emphasized Amogy’s systematic approach to solving customers’ challenges and praised the company for optimizing its modularized ammonia-based power generation system. “We are confident that Amogy will soon be able to meet the needs of global customers and drive transformative change in the energy sector,” said Choi.
With the newly secured funding, Amogy aims to accelerate the deployment of its technology in key markets, particularly in maritime shipping and distributed power generation, while also expanding its manufacturing capabilities.
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