Clear gas tech startup Amogy introduced that it has raised an extra $23 million in enterprise financing, increasing its funding spherical introduced earlier this yr to $80 million.
Based in 2020, Brooklyn, New York-based Amogy affords ammonia-based, emission-free, excessive energy-density energy options geared toward decarbonizing hard-to-abate sectors comparable to heavy-duty transportation, maritime, energy technology, and heavy business. The corporate’s know-how turns liquid ammonia into its base parts of hydrogen and nitrogen, utilizing the hydrogen to energy gas cells or electrical motors, permitting for zero-carbon transportation and energy technology.
In September 2024, Amogy efficiently demonstrated its ammonia-to-electrical energy system by crusing the world’s first carbon-free, ammonia-powered maritime vessel, and the corporate stated that it has superior partnerships with maritime business leaders to deploy its know-how in newbuild and retrofit vessel functions.
With the brand new financing in place, Amogy stated that it goals to construct on its momentum in maritime decarbonization, by increasing into stationary energy technology, and to drive its market entry into Asia. The corporate stated that it has not too long ago launched a partnership with the South Korean metropolis of Pohang to deploy a clear, ammonia-fueled distributed energy technology system as much as 40 MW for industrial operations by 2028-2029.
Seonghoon Woo, co-founder and CEO at Amogy, stated:
“We’ve lengthy acknowledged the robust demand for ammonia-to-power know-how within the delivery business, however we additionally see a lot broader alternatives to make use of ammonia as a clear gas – particularly with the rising demand for the ‘clear energy’ globally. We’re prepared to satisfy that market demand. Help for a hydrogen-based economic system is very robust in Asia, and because the most cost-effective hydrogen provider, ammonia is shortly evolving into the main zero-carbon gas resolution for these markets.
The brand new enterprise financing spherical was co-led by Korea Growth Financial institution (KDB) and KDB Silicon Valley LLC, with participation from new traders together with BonAngels Enterprise Companions, Pathway Funding, and JB Funding. So far, the corporate has raised almost $300 million.
