Amogy, a pioneer in scalable and efficient ammonia-to-power solutions, announced an additional $23 million in venture financing, bringing its latest funding round to $80 million. This expansion builds on the round initially announced in January 2025 and will further accelerate Amogy’s global momentum, supporting the company’s push into stationary power generation, advancing its maritime technology portfolio, and expanding operations across key Asian markets The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley, with new investors including BonAngels Venture Partners, Pathway Investment, and JB Investment. With this latest round, Amogy has secured nearly $300 million in total funding to date and reached its highest company valuation yet.
Following the successful voyage of the world’s first ammonia-powered, carbon-free maritime vessel in September 2024, Amogy has strengthened partnerships with major players in the shipping industry to enable its technology in both newbuild and retrofit vessels. These efforts align with the global push to decarbonize maritime transport.
In parallel, Amogy has rapidly expanded its presence in South Korea, where demand for clean, distributed energy solutions is growing. Most notably, the company recently partnered with the city of Pohang to deploy a 40 MW ammonia-powered distributed generation system, targeted for commercial operation by 2028–2029.
For energy-importing nations like South Korea, Japan, and Singapore—where domestic fossil fuel resources are limited—ammonia presents a viable and economical carrier for zero-carbon energy. And policy support, including South Korea’s Clean Hydrogen Portfolio Standard (CHPS) and Distributed Energy Act (DEA), is advancing the shift to clean fuels. Amogy’s expanded funding will fuel its continued leadership in this transition, advancing clean ammonia-based solutions across sectors and geographies.
KEY QUOTES:
“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. 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.”
Seonghoon Woo, co-founder and CEO at Amogy
