In New York Amogy announced on January 15 it raised $56 million in new funding to advance its ammonia-to-power solutions for maritime and industrial applications. The round, co-led by Aramco Ventures and SV Investment, brings its total funding to over $270 million. New backers like Samsung Heavy Industries and BHP Ventures joined returning investors, including Temasek and AP Ventures.
The company’s groundbreaking technology, showcased in the September 2024 launch of the NH3 Kraken, the first ammonia-powered maritime vessel, converts ammonia into hydrogen and nitrogen to generate zero-emission power. “On the heels of this monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors,” said CEO Seonghoon Woo.
Amogy plans to commercialize its system by 2026, targeting hard-to-abate sectors. Laurel Buckner of BHP Ventures praised its potential, stating, “Amogy’s novel catalyst and reformer technology unlocks transportation use cases that were previously not operationally or economically feasible.”
The funds will bolster research, development, and manufacturing capacity to meet growing demand. “Their unwavering commitment to commercialization…has instilled confidence among partners,” added SV Investment’s Ilyong Choi, emphasizing Amogy’s leadership in the green energy transition.
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Tags: ammonia, Amogy
Category: Sustainable Marine Fuels
