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Business Wire
15-07-2025
- Business
- Business Wire
Amogy Increases Latest Funding to $80M to Accelerate Global Growth and Advance Ammonia-to-Power Solutions
NEW YORK--(BUSINESS WIRE)-- Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced it has secured an additional $23M in venture financing, successfully expanding the fundraise initially announced in January 2025. This latest investment strengthens the company's momentum in delivering stationary power generation systems, while accelerating the development of Amogy's maritime products and supporting its expansion into the Asian market. The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with participation from new investors BonAngels Venture Partners, Pathway Investment and JB Investment. With this increase, Amogy has now raised a total of nearly $300M since its inception and reached a new high in the company valuation. After sailing the world's first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has continued advancing partnerships with maritime industry leaders to deploy its technology in newbuild and retrofit vessel applications in support of international goals to decarbonize global shipping. In addition, the company has expanded operations in South Korea and rapidly accelerated the applications of its technology in stationary power generation. Most recently, this included a partnership with the South Korean city of Pohang to deploy a clean, ammonia-fueled distributed power generation system up to 40 MW for commercial operations by 2028-2029. 'We've long recognized 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,' said Seonghoon Woo, co-founder and CEO at Amogy. '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. We are deeply grateful for the strong confidence our investors have placed in our vision and growth trajectory. We are especially proud to partner with institutions like Korea Development Bank, whose deep expertise in scaling energy infrastructure brings significant value to our mission.' For South Korea, Japan, Singapore, and other Asian nations that do not have abundant fossil fuel deposits and must import most of their fuels, ammonia is an attractive and economic means for transporting and storing zero-carbon energy. In South Korea, policies like the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are driving a new energy economy, with hydrogen and ammonia projected to generate 2% of the country's electricity by 2030 and 7% by 2035. To learn more about Amogy, please visit About Amogy Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions. Amogy is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore. Amogy is backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit About Korea Development Bank (KDB) Korea Development Bank is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development of Korea. About BonAngels Venture Partners Founded in 2007, BonAngels Venture Partners is South Korea's pioneering early-stage venture capital firm. It has invested in more than 300 startups, including over 50 overseas, and has helped to create four unicorns, 22 M&A exits, and two IPOs. Supported by a long-term capital base and a global footprint, the firm remains a dependable partner from incorporation through growth, offering sustained follow-on financing and cross-border market access. About Pathway Investment Pathway Investment is a South Korea-based venture capital firm investing in innovative technology companies from early to growth stages. With a team of professionals from diverse industry backgrounds, Pathway focuses on high-growth companies leading the future of technological innovation. The firm provides both capital and strategic support to help its portfolio companies generate long-term value across Asian and global markets. JB Investment, a subsidiary of JB Financial Group, is a leading venture capital firm established in 2012. Since joining JB Financial Group in 2022, JB Investment has actively recruited external talent and improved its organizational structure, leading to the formation of multiple blind funds and increased investment activity.
Business Wire
22-04-2025
- Automotive
- Business Wire
GS E&C, Amogy, and HD Hyundai Infracore, Partner with South Korean City Pohang-si to Advance Ammonia-Based Distributed Clean Power Generation
POHANG-SI, South Korea--(BUSINESS WIRE)-- Amogy, a provider of scalable and efficient ammonia-to-power solutions, today announced a collaboration with GS Engineering & Construction (GS E&C), HD Hyundai Infracore (HDI), and Pohang-si, the largest city in North Gyeongsang Province, South Korea, to deploy an ammonia-powered distributed power generation system. This initiative marks a pivotal step in advancing ammonia as a carbon-free fuel of the future, while positioning Pohang-si as a regional hub for next-generation clean energy innovation. The companies are partnering to co-develop and deploy a 1-megawatt (MW) pilot power generation system by 2026, with plans to scale up to 40 MW for commercial operations by 2028-2029. The system will feature a fully integrated solution combining Amogy's proprietary ammonia cracking technology with HDI's HX22 hydrogen engine, supported by GS E&C's expertise in infrastructure investment, construction, and system operations. This collaboration builds on the previously announced partnership between Amogy and HDI to integrate their respective technologies. Amogy's ammonia cracking system utilizes advanced catalyst materials to efficiently convert ammonia into hydrogen. When paired with the HDI's hydrogen engine, the result is a scalable ammonia-to-power solution well-suited to deliver reliable, carbon-free electricity to the grid. Pohang-si will support the designation of a distributed energy specialty complex, supporting the development of related infrastructure, regulatory approvals, and facilitating the establishment of local R&D and production facilities to enable long-term impact. "This partnership is not only about bringing clean distributed energy to Pohang, but also about establishing a replicable model for energy-resilient cities across Korea and beyond," said Seonghoon Woo, CEO of Amogy. "We're proud to contribute our ammonia-to-power technology to a project that aligns perfectly with Pohang's energy ambitions and economic growth strategy." " In the face of an escalating climate risk, the integration of climate technology and sustainable practices is no longer a choice. Coping with climate change requires bold innovation, cross-sector collaboration, and a steadfast commitment to reduce environmental impact," says Jong-hwan Lee, Senior Vise President and Head of New Business Development at GS E&C. "GS E&C is truly delighted to have the opportunity to collaborate with Amogy and HDI in Pohang, Korea, where ammonia/hydrogen is the key to energy transition success from carbon-based energy. Our expectations are high not only for this partnership, but also for the promising collaborations that lie ahead." This initiative directly supports South Korea's clean energy policies, such as the Distributed Energy Act (DEA), by accelerating the deployment of hydrogen and ammonia-based power generation. As an industrial hub with strong infrastructure and clean energy ambitions, Pohang-si is well-positioned to serve as a model for regional energy transformation, advancing both national and local efforts to scale sustainable power solutions across the country. Deputy Mayor of Pohang, Jang Sang-gil, stated, 'By fostering Pohang's clean ammonia-based carbon-free energy industry as a national future growth engine in South Korea, this partnership will drive innovation in the hydrogen industry centered around the Pohang Hydrogen-Specialized Complex, aiming to make South Korea the world's leading hydrogen industry powerhouse.' He added, 'We will strongly support the successful deployment of this collaboration, including the support in order to be designated as a Distributed Energy Specialty Complex, under the recent introduction of Distributed Energy Act in South Korea.' This pilot project also marks a key milestone in Amogy's commercialization journey by showcasing the real-world viability of its ammonia-to-power technology in grid-connected applications and laying the groundwork for broader adoption across the stationary power sector. About Amogy Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions. Amogy is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore. Amogy is backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit About GS E&C GS Engineering & Construction (GS E&C) is a leading South Korean engineering and construction company, established in 1969. GS E&C operates as part of the GS Group and is known for delivering high-quality projects in oil & gas, power plants, infrastructure and environmental sectors. With a strong focus on innovation and sustainability, GS E&C built a global reputation for executing highly engineered and qualified projects both domestically and internationally. About Pohang-si Pohang-si, located on South Korea's eastern coast in North Gyeongsang Province, is a center of industry, innovation, and culture. With strong industrial infrastructure and access to key maritime routes, the city plays a pivotal role in regional and global trade. Supported by a diverse industrial base, Pohang-si is committed to advancing research, technology, and next-generation infrastructure. With a strong emphasis on carbon neutrality and long-term competitiveness, the city continues to foster emerging industries and drive innovation. Focused on building a prosperous and forward-looking community, Pohang-si remains dedicated to international collaboration and enhancing the quality of life for its residents. For more information, please visit About HDI Since producing the first diesel engine in Korea in 1958, HD HYUNDAI INFRACORE has supplied diesel and natural gas engines developed with its own technology to customers around the world. HD HYUNDAI INFRACORE is now growing into a global top tier engine manufacturer that prioritizes customer satisfaction and is taking the lead in creating a sustainable world as a total power solution provider through the development of electrification solutions and hydrogen engines.
