US ammonia-to-power start-up Amogy secures USD 56m in venture funds
US ammonia-to-power start-up Amogy on Wednesday said it has raised USD 56 million (EUR 54.7m) in venture financing to support the commercialisation of its technology.The round, which brings the funds raised by the company so far to over USD 270 million, was co-led by existing investor Aramco Ventures, the corporate venturing arm of Saudi Arabia’s Aramco, and new investor Seoul-based SV Investment. It follows the latest demonstration of Amogy’s ammonia-to-electrical power system in September 2024, where it sailed a tugboat on a tributary of the Hudson river in the US. The company’s system cracks ammonia into hydrogen and nitrogen, with the hydrogen then funneled into a hydrogen-to-power system, either an integrated fuel cell or hydrogen engine.Taking part in the funding round were also new investors Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, as well as existing investors Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.“Amogy's novel catalyst and reformer technology enables ammonia cracking at a significantly lower temperature and operating footprint, unlocking transportation use cases that were previously not operationally or economically feasible,” remarked Laurel Buckner, vice president ventures at miner BHP.“Since our founding just four years ago we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power,” said Amogy CEO and co-founder Seonghoon Woo.“The latest technical demonstration - the successful sailing of the NH3 Kraken, our ammonia-powered tugboat - showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonisation goals in heavy industries,” the CEO added.(USD 1 = EUR 0.976)
US ammonia-to-power start-up Amogy on Wednesday said it has raised USD 56 million (EUR 54.7m) in venture financing to support the commercialisation of its technology.
The round, which brings the funds raised by the company so far to over USD 270 million, was co-led by existing investor Aramco Ventures, the corporate venturing arm of Saudi Arabia’s Aramco, and new investor Seoul-based SV Investment. It follows the latest demonstration of Amogy’s ammonia-to-electrical power system in September 2024, where it sailed a tugboat on a tributary of the Hudson river in the US. The company’s system cracks ammonia into hydrogen and nitrogen, with the hydrogen then funneled into a hydrogen-to-power system, either an integrated fuel cell or hydrogen engine.
Taking part in the funding round were also new investors Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, as well as existing investors Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.
“Amogy's novel catalyst and reformer technology enables ammonia cracking at a significantly lower temperature and operating footprint, unlocking transportation use cases that were previously not operationally or economically feasible,” remarked Laurel Buckner, vice president ventures at miner BHP.
“Since our founding just four years ago we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power,” said Amogy CEO and co-founder Seonghoon Woo.
“The latest technical demonstration - the successful sailing of the NH3 Kraken, our ammonia-powered tugboat - showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonisation goals in heavy industries,” the CEO added.
(USD 1 = EUR 0.976)
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