Ammonia-to-power technology developer Amogy, Brooklyn, N.Y., has raised an additional $23 million in venture funding, expanding on a financing round announced in January 2025. The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with additional backing from BonAngels Venture Partners, Pathway Investment, and JB Investment. According to Amogy, the company has now raised nearly $300 million since its founding.
An Amogy press release said the funding will support development of its maritime systems and stationary power generation applications, as well as further the company’s expansion in Asia.
In September 2024, Amogy operated what it called the first ammonia-powered maritime vessel, a tugboat originally constructed in 1957 and retrofitted with Amogy’s ammonia-to-electrical power system. The company said it is continuing to work with maritime industry partners to apply its technology in both newbuild and retrofit vessel projects.
Amogy also said it has partnered with the city of Pohang, South Korea, to deploy an ammonia-fueled distributed power generation system. The system is expected to reach 40 MW of capacity and enter commercial operation by 2028 or 2029.
According to Amogy, countries including South Korea, Japan, and Singapore, which import most of their fuel, are pursuing ammonia as a practical solution for zero-carbon energy storage and transport. In South Korea, policies such as the Clean Hydrogen Portfolio Standard and the Distributed Energy Act are projected to drive hydrogen and ammonia to supply 2% of the country’s electricity by 2030 and 7% by 2035.
“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,” said Seonghoon Woo, co-founder and CEO at Amogy.
“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,” Woo said. “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.”
