Amogy, a developer of ammonia-to-power systems, has raised an additional $23 million in venture financing, extending a funding round initially announced in January 2025. The capital infusion brings the company’s total funding to nearly $300 million and reflects a rise in its overall valuation.
The expanded round is co-led by Korea Development Bank (KDB) and its U.S.-based arm KDB Silicon Valley LLC. New investors include BonAngels Venture Partners, Pathway Investment, and JB Investment. Amogy stated the new funds will support the development of its stationary power generation systems and accelerate its maritime technology offerings, while also aiding expansion into key Asian markets.
Following its demonstration of the world’s first ammonia-powered maritime vessel in September 2024, Amogy has pursued partnerships within the maritime sector to enable ammonia-based power for both new and retrofitted vessels. The company also reports increased activity in South Korea, where it is applying its technology to stationary power applications.
In a recent development, Amogy partnered with the South Korean city of Pohang to deploy a distributed power generation system using ammonia. The project is expected to deliver up to 40 megawatts of clean power by 2028 or 2029.
Amogy CEO and co-founder Seonghoon Woo noted that the shipping industry remains a core focus, but emphasized broader potential for ammonia as a zero-carbon fuel. “Asia shows strong momentum toward a hydrogen-based economy. Ammonia, as a cost-effective hydrogen carrier, is emerging as a key solution,” Woo said. He highlighted institutional support, particularly from KDB, as valuable for scaling infrastructure.
Ammonia’s role in Asia’s clean energy transition is gaining prominence, particularly in countries like South Korea, Japan, and Singapore, which depend heavily on energy imports. South Korea’s Clean Hydrogen Portfolio Standard and the Distributed Energy Act are among the policies pushing the integration of hydrogen and ammonia into the national energy mix. These fuels are expected to contribute 2 percent of South Korea’s electricity generation by 2030, rising to 7 percent by 2035.
Tags: Ammonia, Amogy, Asia
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