The global provider of sophisticated, scalable, and effective ammonia-to-power solutions, Amogy, announced on Tuesday that it has successfully expanded the fundraise first announced in January 2025 by securing an additional $23 million in venture financing.
According to a statement from the company, this most recent investment supports its expansion into the Asian market, speeds up the development of its maritime products, and increases the company’s momentum in delivering stationary power generation systems.
Along with new investors BonAngels Venture Partners, Pathway Investment, and JB Investment, Korea Development Bank (KDB) and KDB Silicon Valley LLC co-led the round.
Since its founding, Amogy has raised close to $300 million, and this increase has raised the company’s valuation to a new level.
In support of international efforts to decarbonize global shipping, Amogy has continued to expand partnerships with leaders in the maritime industry to implement its technology in newbuild and retrofit vessel applications since September 2024, when it successfully sailed the first carbon-free, ammonia-powered maritime vessel in history.
The business has also increased its operations in South Korea and hastened the use of its technology in stationary power generation.
The most recent of these was a collaboration with the city of Pohang in South Korea to implement a clean, ammonia-fueled distributed power generation system with a maximum capacity of 40 MW for commercial use by 2028–2029.
“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 Chief Executive Officer at Amogy.
He claims that Asia has particularly strong support for a hydrogen-based economy and that ammonia, the most affordable hydrogen carrier, is rapidly becoming the most popular zero-carbon fuel option in these regions.
“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,” he added.
Ammonia is an appealing and cost-effective way to transport and store zero-carbon energy, according to the statement, for South Korea, Japan, Singapore, and other Asian countries that lack substantial fossil fuel deposits and must import the majority of their fuels.
A new energy economy is being fueled in South Korea by policies such as the Distributed Energy Act (DEA) and the Clean Hydrogen Portfolio Standard (CHPS). It is anticipated that hydrogen and ammonia will produce 7% of the nation’s electricity by 2035 and 2% by 2030.
