Amogy, a New York-based sustainable startup working on carbon-free energy system using ammonia as clean fuel, has announced raising $23 million more in funding to further accelerate its expansion into the Asian market.
The additional investment, which brings its latest funding to $80 million, was co-led by Korea Development Bank (KDB) and KDB Silicon Valley. It was also backed by BonAngels Venture Partners, Pathway Investment, and JB Investment.
In 2023, Singapore state investor and Saudi Arabia’s Aramco Ventures backed the company’s $139 million Series B-1 fundraising.
Amogy’s patented technology converts ammonia into hydrogen and nitrogen, feeding hydrogen into integrated fuel cells or engines to generate carbon-free power.
The company, which launched the world’s first ammonia-powered maritime vessel in September 2024, said it is advancing its technology for both newbuild and retrofit vessel applications, supporting international efforts to decarbonize global shipping.
It is also scaling up its stationary power generation systems, with a focus on Asian markets, including South Korea, Japan, and Singapore.
Amogy’s co-founder and CEO Seonghoon Woo noted that while demand for ammonia-to-power technology in shipping has been well established, there are broader opportunities for ammonia as a clean fuel, driven by rising global demand for clean energy solutions.
The company said the additional funding will help expand its presence in Asia, where countries lacking domestic fossil fuel resources view ammonia as a cost-effective hydrogen carrier and zero-carbon energy source.
“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.
Amogy said it recently partnered with the South Korean city of Pohang to deploy a clean ammonia-fueled distributed power system with capacity of up to 40 megawatts, targeted for commercial operations between 2028 and 2029.
The company is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore.
