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Amogy, the leading developer of ammonia-based clean energy solutions, has completed a $56 million venture financing round. This funding brings the company’s total to over $270 million since its founding in 2020, further testament to the growing confidence in ammonia as a sustainable energy source for hard-to-decarbonize industries.
Company Overview
Founded by a team of MIT PhD graduates, Amogy is dedicated to transforming ammonia into a viable, zero-emission fuel for heavy-duty transportation and industrial applications. The company’s proprietary technology involves cracking ammonia into hydrogen and nitrogen, with the hydrogen subsequently used to power fuel cells or internal combustion engines. This process offers a carbon-free alternative to traditional fossil fuels, positioning ammonia as a promising candidate for large-scale energy transition efforts.
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Funding Details and Investor Insights
The latest funding round was co-led by existing investor Aramco Ventures and new investor SV Investment. Other participants were Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors such as Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.
This diverse investor base reflects a broad recognition of ammonia’s potential to decarbonize sectors that are challenging to electrify, such as maritime shipping and heavy-duty transportation.
Strategic Objectives Post-Funding
With new capital, Amogy will:
- Accelerate Commercialization: speed up the deployment of its ammonia-to-power systems in key markets, targeting commercial availability by 2026.
- Improve Manufacturing Capacity: Invest in expanding the production capacity to meet the anticipated demand from industries looking for sustainable energy solutions.
- Develop and Improve RD& D: Stay ahead in innovation to build the efficiency and scalability of the technology to meet the stringent demands of applications in the heavy-duty sector.
Technological Breakthroughs
Amogy’s technology focuses on an innovative chemical reactor cracking ammonia into hydrogen and nitrogen with high efficiency. Hydrogen from the cracked ammonia is used to power fuel cells to produce electricity, and the nitrogen is released harmlessly into the atmosphere.
This process taps into the two unique advantages of ammonia having a high energy density and already existing worldwide infrastructure. Therefore, it is a practical and scalable solution for decarbonizing heavy-duty transportation sectors.
Recent Demonstrations and Achievements
In September 2024, Amogy successfully demonstrated its technology by sailing the “NH3 Kraken,” the world’s first ammonia-powered maritime vessel. This victory preceded earlier demonstrations involving an aerial drone, a commercial farm tractor, and a semi-truck, demonstrating the versatility and scalability of Amogy’s ammonia-to-power systems in various platforms.
Market Adoption and Growth
Amogy’s solutions have generated high interest from the industries looking for carbon emission reductions. The maritime sector, especially, will be able to utilize ammonia as a zero-emission fuel in support of global decarbonization objectives and regulatory drivers to reduce greenhouse gas emissions from shipping.
Leadership Perspective
Seonghoon Woo, Amogy’s CEO and co-founder, was hopeful about the direction of the company: “In just four years since our inception, we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power. The latest technical demonstration—the successful sailing of the NH3 Kraken, our ammonia-powered tugboat—showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonization goals in heavy industries.”
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Investor Views
Ilyong Choi, Executive Vice President of SV Investment, commented on the investment: “The Amogy team has shown tremendous progress in developing its ammonia-fueled technology in a methodical and highly successful manner.
With the new funding, Amogy is set to accelerate the commercialization of its ammonia-to-power solutions contributing massively to worldwide efforts to decarbonize heavy-duty transportation and industrial sectors. Company focus on leveraging ammonia-a very prevalent and energy-rich fuel-positions it as a leader in this transitional shift toward sustainable energy sources.
