Following the raise announced earlier this year, Amogy closes additional $23M equity financing round to drive market entry in Asia and scale stationary power applications alongside maritime innovation.
NEW YORK – July 15, 2025 – 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 www.amogy.co.
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 www.amogy.co.
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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.
About JB Investment
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.