Amogy has raised $80 million in its latest round of venture funding, promoting clean ammonia-based technologies. The company specializes in ammonia-to-energy systems and will use the funds to accelerate its global presence and strengthen its market share.
Stationary power generation by Amogy
With a track record recognized for its focus on sectors that are difficult to decarbonize, Amogy is now at an advanced stage of developing stationary power technologies and marine propulsion systems. The new capital injection will support the delivery of its first stationary ammonia-fueled power generation systems and the deployment of maritime technologies aimed at improving international shipping.
[post_relacionado]This financial support was co-led by the Korea Development Bank(KDB) and its Silicon Valley affiliate, joined by BonAngels Venture Partners, Pathway Investment and JB Investment. This expansion reaffirms the commitment of Asian investors to zero-carbon energy technologies and emphasizes the attractiveness of ammonia as an energy carrier for East Asian markets.
The company operates in South Korea, where it has signed a partnership with the city of Pohang to install anammonia-fueled distributed generation system of up to 40 MW. This facility could enter commercial operations between 2028 and 2029, aligning with the country’s strategy to reach 7% of electricity generation from hydrogen and ammonia by 2035.
For energy import-dependent nations such as Japan, Singapore and South Korea itself, ammonia is establishing itself as an efficient and cost-effective alternative to fossil fuels. Its role as a hydrogen carrier makes it a key pillar in driving a decarbonized economy in the region.
With total funds raised since its founding reaching $300 million, Amogy is accelerating towards a global commercial scaling phase. The confidence of its financial partners and the favorable regulatory context in Asia consolidate its position as a provider of sustainable solutions ready for industrial implementation.
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Source and photo: Amogy