Ammonia-to-Power Solution Provider Amogy Extends Latest Funding Round to $80 Million

Led by Seonghoon Woo(CEO and Co-Founder), Young Suk Jo(COO and Co-Founder), Greg Johnson(CTO), Maciek Lukawski(Chief Strategy Officer), Jongwon Choi(Vice President, Facilities and Co-Founder), Hyunho Kim(Vice President, Innovation and Co-Founder), and others, Amogy announced it has secured an additional $23M in venture financing, successfully expanding the fundraise initially announced in January 2025. 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, bringing the total raise to nearly $300 million since its inception and reaching a new high in the company valuation.

Following the successful voyage of the world’s first carbon-free, ammonia-powered vessel in September 2024, Amogy has deepened partnerships across the maritime industry to support global shipping decarbonization through both retrofits and newbuild applications. The company has also expanded operations in South Korea and accelerated deployment of its technology in stationary power. In a recent partnership with the city of Pohang, Amogy will deliver an ammonia-fueled distributed power system of up to 40 MW, targeting commercial operations by 2028–2029.

For energy-importing nations like South Korea, Japan, and Singapore, ammonia offers a compelling, cost-effective solution for transporting and storing zero-carbon energy. In South Korea, supportive policies such as the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA) are catalyzing this transition, with hydrogen and ammonia expected to supply 2% of the nation’s electricity by 2030 and 7% by 2035.