Shipping and power generation sectors aiming for decarbonization receive a funding boost of $80 million from clean fuel startup, Amogy.
**Amogy Revolutionizes Clean Fuel Technology with $23 Million Funding Round**
Amogy, a pioneering clean fuel technology startup based in Brooklyn, New York, is making significant strides in decarbonizing hard-to-abate sectors such as maritime shipping and stationary power generation. The company's innovative approach leverages ammonia as a clean fuel source, positioning it as a potential game-changer in the global transition towards a zero-emission future.
Recently, Amogy secured an additional $23 million in venture financing, led by Korea Development Bank’s tech-focused arm, bringing its total venture financing to $80 million. This funding round, co-led by KDB Silicon Valley LLC, also attracted new investors such as BonAngels Venture Partners, Pathway Investment, and JB Investment.
Among Amogy's key achievements is the successful testing of a small-scale ammonia-powered system on a tugboat, demonstrating the world's first carbon-free, ammonia-powered maritime vessel in September 2024. The company is also developing a terrestrial (stationary) powerplant version of their ammonia-to-power technology.
Amogy's technology uses ammonia as a hydrogen carrier and converts it into hydrogen through a process called ammonia cracking. This approach avoids onboard emissions of nitrogen oxides (NOx) and carbon dioxide, making it a zero-emission solution at the point of use, although the overall lifecycle emissions depend on the ammonia’s production method.
Unlike traditional combustion engines that burn ammonia and produce NOx, Amogy’s system uses ammonia cracking to separate ammonia into nitrogen and hydrogen. The nitrogen is safely released, while the hydrogen powers fuel cells, enabling clean electricity generation without emissions onboard. This technology targets sectors where decarbonization is particularly challenging due to large scale and energy density requirements, such as marine propulsion and heavy stationary power generation.
With the new funding, Amogy plans to scale up the technology for larger vessels, including merchant ships, which are a few years out from deployment. The company is also actively expanding its presence in Asian markets, leveraging South Korean policy bank investment to support its growth and adoption in the region. This strategic push reflects Amogy's ambition to accelerate global decarbonization efforts by demonstrating ammonia’s scalability and viability as a clean, carbon-free fuel alternative in hard-to-abate sectors.
Amogy has recently launched 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. The company has also formed partnerships with maritime industry leaders for the deployment of its technology in newbuild and retrofit vessel applications.
In conclusion, Amogy is advancing ammonia-to-power technology both for maritime propulsion and stationary power generation, backed by recent successful demonstrations and strong financial support aimed at scaling and expanding in Asia. Their approach addresses emissions challenges by eliminating onboard combustion and using hydrogen fuel cells, paving the way for cleaner energy solutions in sectors that are difficult to electrify otherwise.
Technology plays a crucial role in Amogy's strategy, as they leverage innovative ammonia cracking to decarbonize hard-to-abate sectors like maritime shipping and stationary power generation. The startup recently secured $23 million in venture financing, which will help scale up their technology and expand its presence in Asian markets.
