Amogy raises $80M total in latest round to expand globally, focusing on ammonia-powered maritime and clean energy solutions in Asia.
Amogy, a leader in ammonia-to-power technologies, has announced the successful closure of an extended funding round, raising an additional $23 million in venture capital. This boost brings the company's total fundraising to approximately $300 million since its establishment. The increased funding will be pivotal in driving Amogy’s international growth, especially as it works to expand into the Asian market and further develop both its stationary power systems and maritime solutions.
This extended financing round was co-led by Korea Development Bank (KDB) and its venture capital arm, KDB Silicon Valley LLC. Additional investment came from new backers including BonAngels Venture Partners, Pathway Investment, and JB Investment. The funding follows Amogy's earlier announcement in January 2025 and now reflects an increased company valuation, showcasing growing confidence in its ammonia-based energy technologies.
Amogy’s technology enables scalable and efficient ammonia-to-power solutions, positioning ammonia as a viable zero-emission fuel. In September 2024, Amogy made global headlines by launching the world’s first carbon-free ammonia-powered vessel. This milestone has fueled further collaboration with major maritime partners to explore both new vessel construction and retrofit opportunities—advancing efforts to decarbonize the international shipping industry.
The company is simultaneously expanding its footprint in South Korea, where it is accelerating the deployment of its technology in stationary power generation. One of its most notable projects is a strategic collaboration with the city of Pohang, where Amogy will deploy an ammonia-based distributed energy system with a capacity of up to 40 MW. This system is projected to enter commercial operation between 2028 and 2029.
Amogy’s CEO and co-founder, Seonghoon Woo, emphasized the growing global demand for clean energy solutions, particularly ammonia-based systems. “While the maritime industry remains a major focus, we are also seeing increased demand for ammonia in broader power generation applications,” Woo stated. “Asia, in particular, is rapidly advancing a hydrogen-based economy, and as the most affordable hydrogen carrier, ammonia is poised to become the region’s dominant clean fuel.”
Woo also highlighted the strategic importance of the partnership with Korea Development Bank, noting its experience in scaling large-scale energy infrastructure projects as a valuable asset for Amogy’s mission.
In countries like South Korea, Japan, and Singapore—nations that rely heavily on imported fuels—ammonia offers a promising pathway for energy security and sustainability. In South Korea specifically, supportive policies such as the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are accelerating the shift toward low-carbon energy sources. Government projections indicate that ammonia and hydrogen will account for 2% of South Korea’s electricity production by 2030, rising to 7% by 2035.
