Ammonia-to-power solutions provider Amogy on Wednesday announced that it raised $56 million in venture financing. The Brooklyn, N.Y.-based company said it will use the funds to help commercialize its technology in maritime and stationary power generation markets.
The round, co-led by existing investor Aramco Ventures and new investor SV Investment, brings Amogy's total funding since inception to over $270 million. Additional new investors participating in the round include Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.
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 power with zero carbon emissions.
In Sept. 2024, Amogy demonstrated its technology aboard the 105'x27'x15 NH3 Kraken, a 1950s-built tugboat that was retrofitted with the company's ammonia-to-electrical power system at Feeney Shipyard, Kingston, N.Y. The demonstration sailing, performed on a tributary of the Hudson River, upstream from New York City, both proves both the viability of Amogy’s technology and marks a step toward reducing global carbon emissions and moving the maritime industry closer to the International Maritime Organization's (IMO) target of net-zero emissions by 2050, the company said at the time.
Having already demonstrated its technology on an aerial drone (5 kW), tractor (100 kW) and semi truck (300 kW), Amogy said the NH3 Kraken trial (1 MW) is the final technical trial ahead of product commercialization. The company has several agreements in place to supply its technology for various vessel types globally.
“Since our founding just four years ago we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power,” said Seonghoon Woo, CEO and co-founder of Amogy. “The latest technical demonstration... showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonization goals in heavy industries. On the heels of this monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors representing a mix of industry who are supporting our rapid push towards commercialization.”
“The Amogy team has demonstrated exceptional progress in developing their ammonia-powered technology through a systematic and highly effective approach,” said Ilyong Choi, executive vice president of SV Investment. “Their unwavering commitment to commercialization, coupled with a deep focus on research and development, has instilled confidence among partners in the viability and adaptability of their solutions for diverse customer needs. Amogy’s strategic execution plan is set to bring their technology to the forefront of distributed generation and maritime applications, with impactful deployment expected at the right sites and timelines by 2026.”
“Amogy's novel catalyst and reformer technology enables ammonia cracking at a significantly lower temperature and operating footprint, unlocking transportation use cases that were previously not operationally or economically feasible,” said Laurel Buckner, vice president of ventures at BHP. “With our investment, BHP Ventures deepens its commitment to technologies that drive innovation, reduce emissions, and support BHP’s broader sustainability strategy."
