Amogy has raised $23 million in new funding to grow its ammonia-to-energy technology in South Korea. The company plans to expand its work in the shipping and stationary power sectors. The funding round was led by Korea Development Bank and its U.S. subsidiary KDB Silicon Valley LLC. Other investors include BonAngels Venture Partners, Pathway Investment, and JB Investment. With this latest round, Amogy’s total funding has reached nearly $300 million.
Ammonia is being developed as a fuel source because it can carry hydrogen more efficiently than other methods. Hydrogen is being explored in many countries as a way to reduce emissions in power and transport systems. Amogy’s technology turns ammonia into power without producing carbon emissions during use. In September 2024, the company launched its first ammonia-powered maritime vessel. This allowed it to begin forming partnerships with shipbuilders and operators for both new vessels and retrofits.
The company has expanded operations in South Korea. It has signed an agreement with the city of Pohang to install a distributed power generation system using ammonia fuel. The facility is expected to generate up to 40 megawatts of electricity and could begin operations between 2028 and 2029. The project aims to test ammonia as a steady power source for urban energy needs.
Other smaller renewable energy projects in South Korea are also using ammonia in different ways. In Incheon Port, a 1-megawatt ammonia test facility is being developed by researchers at Korea Maritime & Ocean University. The pilot project is meant to support electrification at the port. Ulsan Technopark has also signed a deal to study ammonia-fueled backup systems for industrial areas. Another proposed project in Gangwon Province would combine a 2.5-megawatt ammonia fuel cell system with a solar photovoltaic installation.
