Amogy
Assembly Line
Amogy Raises $56 Million to Bolster Commercialization of Pioneering Ammonia-to-Power Solutions
Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced that it raised $56 million in venture financing, bringing total raised since inception to more than $270 million. The round was co-led by existing investor Aramco Ventures and new investor SV Investment. 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.
This financing follows the latest successful demonstration of Amogy’s ammonia-to-electrical power system where it sailed the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. In earlier demonstrations, the company successfully used its technology to power an aerial drone, commercial farm tractor, and semi-truck. 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 high-performance power with zero carbon emissions.
Mitsubishi Corporation and Amogy with SK Innovation join forces to unlock the potential of Amogy's ammonia cracking technology in Japan and South Korea
Mitsubishi Corporation and Amogy are excited to announce a strategic partnership that will focus on accelerating the adoption of Amogy’s ammonia-to-power and ammonia cracking technology in large-scale hydrogen carrier applications in East Asia, particularly Japan and South Korea.
The joint study set to commence in December 2023 with SK Innovation, will first assess a large-scale deployment of Amogy’s technology, including analysis of costs across the value chain, and explore opportunities for market expansion across the ammonia and hydrogen supply chain. Upon the completion of the initial phase, three companies are looking to explore joint pilot opportunities in the strategic regions.
đźšš Amogy Secures $139 Million Series B-1 Round of Funding, Moving the Transportation Industry Closer to Clean Energy
Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, today announced its $139 million Series B-1 fundraising. The round was led by SK Innovation, joined by other global investors including Temasek, Korea Zinc, Aramco Ventures, AP Ventures, MOL PLUS, Yanmar Ventures, Zeon Ventures and DCVC. This funding will enable Amogy to continue its organizational development to support commercialization, begin manufacturing of its innovative ammonia-to-power technology, and bring its first product to market in 2024.