Amogy Inc, a Brooklyn, New York-headquartered ammonia-to-power solutions provider has secured an additional $23m in venture financing, expanding the fundraise initially announced in January 2025. With this latest development, Amogy increases the latest funding to $80m to boost its global growth and advance the ammonia-to-power solutions.
This fresh financial infusion represents a critical milestone in its journey to accelerate the development of the company’s maritime products and support Amogy’s 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.
Amogy has formed partnerships with leading maritime stakeholders to deploy its technology in newbuild and retrofit vessel applications.
In addition, the company has expanded operations in South Korea and rapidly accelerated the applications of its technology in stationary power generation.
“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,” he added.
