New York-based clean energy startup Amogy has secured an additional $23 million in funding, bringing its total investment to $80 million. This latest round was led by the Korea Development Bank. The fresh capital will accelerate Amogy’s work on its ammonia-to-power technology, which generates clean electricity without emissions.
The company aims to deploy this technology mainly for powering ships and large energy systems across Asia.
Seonghoon Woo, co-founder and CEO at Amogy said,
“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. 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.”
Why Ammonia-to-Power is a Game-Changer
Unlike fossil fuels, ammonia produces no carbon dioxide when used this way. During power generation, only water and nitrogen gas are emitted. This makes ammonia a powerful tool for reducing emissions in industries like shipping, which accounts for about 2.5% of global CO2 emissions (3rd IMO GHG study).
Ammonia’s high energy density means it stores more energy in less space than hydrogen alone, and it’s easier and safer to handle—no extreme pressures or freezing required.
However, the environmental benefits depend on how ammonia is made. Currently, much of the world uses “gray ammonia,” produced from natural gas and releasing CO2. Amogy’s goal is to shift toward “green ammonia,” made using renewable electricity, closing the loop on carbon emissions.
In Asia, where coal and gas still dominate power generation, projects like Amogy’s 40 MW plant in South Korea could significantly cut pollution and carbon output. These systems can replace or support fossil fuel plants, improving local air quality and helping countries meet climate goals.
Amogy’s Cutting-Edge Tech Turns Ammonia Into Emission-Free Electricity
Its patented “ammonia cracking technology” is a game-changer for decarbonizing heavy industries. It efficiently converts ammonia (NH₃) into electric power without burning the ammonia directly. Instead, ammonia is fed into a reactor where a special catalyst “cracks” it into hydrogen and nitrogen at lower temperatures than other systems.
Next, the hydrogen and nitrogen gases pass through a purification step to remove any ammonia traces. The hydrogen then powers fuel cells or hydrogen engines, generating 100% carbon-free electricity. The nitrogen is safely released back into the air.
Amogy’s ammonia cracking technology
This process eliminates the need for diesel pilot fuel, lowers costs, and enables decarbonization of engines that currently rely on fossil fuels.
With this technology, Amogy targets sectors like shipping and heavy industry, which currently face big challenges in cutting emissions. So, cleaning up their energy use is critical to fighting climate change.
In 2024, Amogy unveiled the world’s first carbon-free, ammonia-powered ship, proving that ammonia can serve as a practical fuel. Now, the company plans a much bigger project: a 40-megawatt ammonia-powered energy plant in Pohang, South Korea, expected to be up and running by 2029.
Asia: The Strategic Hub for Amogy’s Growth
Asia is vital for Amogy’s expansion because energy demand there is growing fast, especially in countries like South Korea and Japan. These nations have limited natural resources and depend heavily on imports.
They also have strong policies promoting clean hydrogen and ammonia fuels, such as South Korea’s Clean Hydrogen Portfolio Standard, which aims for 2% of electricity from hydrogen and ammonia by 2030, and 7% by 2035.
By focusing on Asia and building partnerships there, Amogy is positioning itself as a leader in the ammonia fuel market. The Korea Development Bank’s backing adds both financial strength and local support to Amogy’s projects.
The Huge Market Potential for Ammonia Energy
The clean energy sector is booming, with the International Energy Agency estimating that more than $2 trillion per year must be invested by 2030 to hit net-zero targets. Ammonia is gaining ground as a way to store and transport hydrogen energy. It can also use existing fuel infrastructure, making it a versatile solution.
MarketReportAnalytics projects strong growth ahead for the lightweight ammonia cracker market. It would be mainly fueled by rising investments from both the public and private sectors. The global market is expected to exceed $10 billion by 2035, reflecting a bright future for this emerging technology.
Amogy’s systems can power both new and retrofitted ships, as well as large facilities like factories and ports. This creates enormous market opportunities. With Asia’s rapid industrial growth driving power needs, Amogy is well placed to tap into one of the world’s most energy-hungry regions. Their successful ammonia-powered ship trial in September 2024 further shows the technology’s potential to scale.
Investor Confidence Runs High
With $80 million raised so far and a company valuation of $700 million, investor confidence in Amogy is strong. The latest round led by Korea Development Bank not only provides funding but also brings strategic guidance in a region keen to adopt green fuels.
Major industry players like Samsung Heavy Industries and Mitsui O.S.K. Lines have already teamed up with Amogy. These partnerships help speed up commercialization and provide real-world testing opportunities in shipping and energy infrastructure. Amogy plans to move from pilot projects to full commercial operations within the next four years.
By focusing on hard-to-abate sectors with few zero-emission alternatives, Amogy’s versatile ammonia-to-power solution gives it a competitive edge in the growing clean tech market.
Amogy’s Road Ahead: Powering the Net-Zero Future
Amogy is at a pivotal moment in clean energy innovation. Its ammonia-to-power technology offers a practical way to decarbonize some of the hardest energy challenges in the world. If it scales successfully and transitions fully to green ammonia, it could become a cost-effective solution that helps meet global net-zero goals.
Global policy trends and rising investments are aligned with Amogy’s mission. The next few years will be critical as the company expands projects, builds partnerships, and demonstrates its technology at larger scales, setting the stage to lead the future of clean power.
