Amogy Raises $56 Million To Decarbonize Hard-To-Abate Sectors

Amogy, a clean fuel technology startup, has announced a $56 million venture financing round focused on further developing its innovative ammonia-to-power technology. The funding is an important step forward for the Brooklyn-based company in its pursuit of decarbonizing transportation, heavy industry, and other hard-to-abate sectors. Founded in 2020, Amogy quickly gained recognition with its groundbreaking solutions intended to transition industries toward full emission-free operations.

With the latest financing, Amogy intends to accelerate the commercialization of its technology in maritime shipping and stationary power generation while strengthening its capacities for research, development, and manufacturing. The core technology of the company is based on liquid ammonia that breaks down into base elements which are hydrogen and nitrogen. Hydrogen is used to energize fuel cells or electric motors for zero-carbon transport. This new approach is promising for sectors that have long been considered challenging to decarbonize, including heavy-duty transportation, maritime logistics, power generation, and heavy industry.

The company has ambitious goals, targeting the reduction of more than five billion metric tons of CO2-equivalent emissions by 2040. According to Amogy's CEO and co-founder, Seonghoon Woo, the company has progressed rapidly since its inception. “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,” Woo said. He also emphasized the significance of Amogy’s recent demonstration of its ammonia-to-electricity power system, which showcased the world’s first carbon-free, ammonia-powered maritime vessel.

In September 2024, Amogy successfully sailed the NH3 Kraken, an ammonia-powered tugboat, in a historic achievement in clean energy innovation. This was after several demonstrations where the company powered an aerial drone, a commercial farm tractor, and a semi-truck using its ammonia-based technology. These demonstrations have cemented Amogy's position as a leader in the clean energy sector, proving the viability and adaptability of its solutions across various applications.

“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,” Woo added.

The funding round worth $56 million was co-led by an existing investor, Aramco Ventures, and new entrant SV Investment. The round also attracted other prominent investors including Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP. Other existing supporters, such as Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners, contributed to the round, underscoring widespread confidence in Amogy's potential.

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

Funding will allow Amogy to scale its operations as the company moves closer to bringing its innovative solutions to the global marketplace. Maritime shipping, however, is emerging as an important focus area for the company. The shipping industry accounts for nearly 3% of the world's greenhouse gas emissions and has been under increasing pressure to take sustainable practices. An ammonia-based power solution from Amogy promises to be that alternative that would make the industry effectively decarbonized.

The NH3 Kraken tugboat demo, therefore, was a quantum step forward for the application of ammonia-based technology to maritime uses. The conversion of ammonia to hydrogen allows it to generate efficient and emission-free power, proving potential for transformation within the shipping sector. It will also apply opportunities in stationary power generation by bringing reliable and clean energy into use for industry and commerce.

To date, Amogy has secured more than $270 million in funding, a testament to investor confidence in its mission and technology. This round of financing is not only a testament to the company's success but also to the growing recognition of the critical role ammonia-based solutions can play in achieving global climate goals.

Amogy's innovative approach fits into broader trends in clean energy innovation, where ammonia is gaining popularity as a versatile and sustainable fuel source. It has high energy density and can be transported and stored efficiently, which makes it a promising candidate for widespread adoption in hard-to-abate sectors. As governments and industries worldwide intensify efforts to meet net-zero targets, Amogy's solutions offer a scalable and practical pathway to reducing carbon emissions.

The future is bright for Amogy because it is set to make substantial contributions to the global transition to sustainable energy sources. Ridden with cutting-edge technology, robust investor backing, and a clear vision, the company is well-positioned to drive transformative change in some of the world's most emissions-intensive industries. Through continued innovation and collaboration, Amogy aims to redefine what is possible in clean energy, paving the way for a more sustainable and carbon-neutral future.