Energy technology company Amogy has raised $56 million in its latest venture financing round to support the development and commercialisation of its ammonia-to-power systems.
The funding round was co-led by Aramco Ventures and SV Investment, with participation from new investors including Samsung Heavy Industries and BHP Ventures, alongside existing backers like Temasek and Yanmar Ventures. The company has now raised over $270 million since its launch in 2020.
The announcement follows a key milestone for Amogy: the September 2024 demonstration of the NH3 Kraken, described as the world’s first ammonia-powered maritime vessel. The vessel uses Amogy’s technology, which breaks ammonia into hydrogen and nitrogen, with the hydrogen powering either a fuel cell or engine. Earlier demonstrations featured the system on smaller platforms, including a drone and a semi-truck.
Seonghoon Woo, Amogy’s CEO and co-founder, said the funding reflects growing interest in ammonia’s potential as a carbon-free energy source for sectors like shipping and power generation. “We’re excited by the validation from investors who see the viability of ammonia-to-power technology in tackling emissions from hard-to-abate industries,” Woo commented.
The NH3 Kraken ammonia-powered tugboat. ©Amogy
Amogy aims to use the funding to expand its presence in key markets and enhance manufacturing and research capabilities. The company has highlighted maritime shipping and stationary power generation as areas where its technology could have an impact.
Investors have pointed to the potential benefits of Amogy’s approach. BHP Ventures, which participated in the funding round, noted that the company’s technology enables ammonia to be used in applications that have historically been challenging due to technical and economic barriers.
If widely implemented, ammonia-powered systems could play a key role in decarbonising maritime shipping, aligning with the IMO’s 2023 Greenhouse Gas Strategy. This includes achieving Net Zero emissions by 2050 and ensuring at least 5% of the energy used in shipping comes from near-zero-emission fuels by 2030.
However, as highlighted by a recent survey from the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, ammonia’s adoption hinges on addressing safety concerns, providing comprehensive training, and developing safer ship designs.
