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Business Wire
21-07-2025
- Business
- Business Wire
Amogy and GreenHarvest Target First Ammonia-to-Power Deployment in Taiwan to Accelerate Industrial Decarbonization
TAIPEI, Taiwan--(BUSINESS WIRE)--Amogy, a provider of scalable and efficient ammonia-to-power solutions, today announced a landmark partnership with GreenHarvest, a Taiwan-based renewable energy firm, to deploy the first-ever ammonia-to-power system in Taiwan. This strategic collaboration marks a significant milestone in Asia's clean energy transition, bringing Amogy's advanced ammonia cracking technology to one of the world's most vital digital infrastructure and semiconductor hubs. Under the partnership, Amogy will provide the ammonia-to-power system while GreenHarvest will lead local integration as the power generation and distribution partner. The pilot system is scheduled for installation between late 2026 and early 2027 at a selected large industrial electricity consumer facility in Taiwan, with the potential to scale across the island's high-tech and manufacturing sectors. 'We are proud to bring our ammonia-powered technology to Taiwan with a forward-looking partner like GreenHarvest,' said Seonghoon Woo, CEO at Amogy. 'This project not only represents the first deployment of our technology in Taiwan, but also a critical step toward decarbonizing industrial energy use in one of the world's most important digital infrastructure economies.' Amogy's system utilizes advanced catalyst materials to convert ammonia into hydrogen on-site. The hydrogen is then funneled into a hydrogen engine, generating high performance power with zero carbon emissions. The system is modular, efficient, and uniquely suited to hard-to-abate industrial operations that demand both reliability and scalability. This project with GreenHarvest builds on Amogy's growing footprint in Asia, following the company's expansion into South Korea earlier this year to support regional commercialization and collaboration. As Taiwan seeks to meet ambitious decarbonization goals under its Nationally Determined Contributions (NDCs), the partnership offers an innovative pathway for reducing Scope 1 and Scope 2 emissions in eco-conscious manufacturing sectors. The collaboration also aligns with Taiwan's developing carbon trading framework, providing industrial electricity users with a future-proof energy solution that can reduce operational carbon footprints while supporting compliance with evolving regulatory policies. KH Chen, Chairman of GreenHarvest, commented: 'GreenHarvest has long been committed to rooftop solar development, providing industrial electricity users with a reliable and user-friendly source of green power. At the same time, we are actively deploying next-generation green electricity technologies. Through our 2024 collaboration with H2U in Australia on a green hydrogen project and this deployment of Amogy's ammonia-to-power energy solution at customer sites, it further reinforces our confidence and momentum in ammonia-based energy applications.' The project builds on GreenHarvest's extensive renewable energy experience, including large-scale rooftop solar installations and its international green hydrogen ventures. By combining GreenHarvest's market leadership in Taiwan's energy transition with Amogy's cutting-edge technology, the partnership opens a new chapter in Asia's clean industrial power landscape. 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 GreenHarvest GreenHarvest has been a key player in Taiwan's renewable energy sector for over a decade. Its operations include renewable power generation and retailing, energy information services, solar operation and maintenance(O&M), and community energy management system. The core mission, "Sustainability", focuses on eco-friendly renewable energy, mainly through rooftop PV systems. We are dedicated to environmental friendliness in every aspect, among society communication, developing, design, construction, O&M during energy transition. It provides RE100 and net-zero total solution by diversified renewable energy, power generation and loading prediction, energy storage system, hydrogen application and virtual power plant(VPP) technology.
Yahoo
18-07-2025
- Business
- Yahoo
Amogy secures $23m to boost global growth and advance ammonia-to-power solutions
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. 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. These 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. "Amogy secures $23m to boost global growth and advance ammonia-to-power solutions" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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.
