Amogy, a provider of mature, scalable, and setting pleasant ammonia-to-power choices, launched that it raised $56 million in enterprise financing, bringing full raised since inception to better than $270 million.
The spherical was co-led by present investor Aramco Ventures and new investor SV Funding. Additional new merchants collaborating inside the spherical embrace Samsung Heavy Industries, BHP Ventures, Hanwha Funding & Securities, AFW Companions, Quantum Ventures Korea, Kibo Make investments, and Seoul IP, along with present merchants Temasek, MOL Change, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Companions.
This financing follows the most recent worthwhile demonstration of Amogy’s ammonia-to-electrical power system the place it sailed the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. In earlier demonstrations, the company effectively used its experience to power an aerial drone, industrial farm tractor, and semi-truck. Amogy’s patented ammonia-powered system splits, or “cracks,” ammonia into its base parts of hydrogen and nitrogen. The hydrogen is then funneled proper right into a hydrogen-to-power system, each an built-in fuel cell or hydrogen engine, producing high-performance power with zero carbon emissions.
“Since our founding merely 4 years previously we’ve been on a quick trajectory to hold our revolutionary ammonia-to-power experience to hard-to-abate sectors like maritime and power,” talked about Seonghoon Woo, CEO and co-founder of Amogy. “The most recent technical demonstration — the worthwhile crusing of the NH3 Kraken, our ammonia-powered tugboat — showcased that Amogy’s experience is a safe, viable, and environment friendly decision for reaching decarbonization aims in heavy industries. On the heels of this monumental achievement, we’re significantly invigorated by the strong validation we’re receiving from premier merchants representing a combination of commerce who’re supporting our quick push in route of commercialization.”
“The Amogy workforce has demonstrated distinctive progress in rising their ammonia-powered experience by the use of a scientific and intensely environment friendly technique,” talked about Ilyong Choi, Govt Vice President of SV Funding. “Their unwavering dedication to commercialization, coupled with a deep give consideration to evaluation and enchancment, has instilled confidence amongst companions inside the viability and adaptableness of their choices for quite a few purchaser needs. Amogy’s strategic execution plan is able to carry their experience to the forefront of distributed period and maritime capabilities, with impactful deployment anticipated on the correct web sites and timelines by 2026.”
“Amogy’s novel catalyst and reformer experience permits ammonia cracking at a significantly lower temperature and dealing footprint, unlocking transportation use circumstances that had been beforehand not operationally or economically attainable,” talked about Laurel Buckner, Vice President Ventures at BHP. “With our funding, BHP Ventures deepens its dedication to utilized sciences that drive innovation, in the reduction of emissions, and help BHP’s broader sustainability approach.”
With this latest financing, the company will velocity up commercializing its experience in key markets along with maritime supply and stationary power period and may proceed strengthening its evaluation and enchancment efforts and manufacturing capabilities.