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Amogy Raises $56 Million to Bolster Commercialization of Pioneering Ammonia-to-Power Solutions

Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced that it raised $56 million in venture financing, bringing total raised since inception to more than $270 million. The round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round include Samsung Heavy IndustriesBHP VenturesHanwha Investment & SecuritiesAFW PartnersQuantum Ventures KoreaKibo Invest, and Seoul IP, along with existing investors TemasekMOL SwitchYanmar VenturesAP Ventures, and Marunouchi Innovation Partners.

This financing follows the latest successful demonstration of Amogy’s ammonia-to-electrical power system where it sailed the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. In earlier demonstrations, the company successfully used its technology to power an aerial drone, commercial farm tractor, and semi-truck. Amogy’s patented ammonia-powered system splits, or “cracks,” ammonia into its base elements of hydrogen and nitrogen. The hydrogen is then funneled into a hydrogen-to-power system, either an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions. 

With this latest financing, the company will accelerate commercializing its technology in key markets including maritime shipping and stationary power generation and will continue strengthening its research and development efforts and manufacturing capabilities. 

Photo of Amogy

Press release https://tinyurl.com/yc2xsyu7

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