Amogy, an ammonia-to-power solutions provider, has secured an additional $23m in venture capital in a latest equity financing round.
The additional funding supplements a $56m in venture funding initially reported in January 2025.
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The funding round, co-led by Korea Development Bank and KDB Silicon Valley, saw participation from new investors BonAngels Venture Partners, Pathway Investment, and JB Investment.
The financial boost has propelled Amogy’s total funding to nearly $300m since its inception, marking a significant increase in the company’s valuation.
This funding is set to accelerate the company’s growth into the Asian market and further develop its maritime and stationary power generation systems.
Following the successful demonstration of its first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has been forging partnerships with maritime industry leaders.
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By GlobalDataThese collaborations aim to deploy the company’s technology in both newbuild and retrofit vessel applications, contributing to the international effort to decarbonise global shipping.
Amogy co-founder and CEO Seonghoon Woo said: “We’ve long recognised 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.
“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.”
For nations such as South Korea, Japan, and Singapore, which lack abundant fossil fuel resources, ammonia presents a viable and economical option for transporting and storing zero-carbon energy, according to the company.
South Korea’s Clean Hydrogen Portfolio Standard and the Distributed Energy Act are catalysing a shift towards a new energy economy, with hydrogen and ammonia expected to contribute to 2% of the country’s electricity by 2030 and 7% by 2035.
Amogy’s expansion into the Asian market, particularly South Korea, has seen rapid advancements.
The company’s technology is now being applied in stationary power generation, including a clean, ammonia-fuelled distributed power generation system in Pohang, South Korea, with plans for commercial operations by 2028-2029.
