Amogy Expands Funding to $80 Million to Scale Ammonia Power for Shipping

Brooklyn-based clean fuel startup Amogy has closed an additional $23 million in venture financing, bringing its total round to $80 million, to commercialise ammonia-to-power technology for maritime and stationary energy applications. The funding was co-led by Korea Development Bank and KDB Silicon Valley LLC.

Founded in 2020, Amogy converts liquid ammonia into hydrogen and nitrogen, using the hydrogen to power fuel cells or electric motors for zero-carbon transportation and power generation. In September 2024, the company demonstrated the world's first carbon-free ammonia-powered maritime vessel. The new capital will support expansion into stationary power generation and market entry into Asia, where a partnership with the South Korean city of Pohang will deploy a clean ammonia-fuelled distributed power system of up to 40 MW by 2028–2029.

Ammonia is emerging as a leading zero-carbon fuel candidate for hard-to-abate maritime and industrial sectors because it stores hydrogen in liquid form without the cryogenic requirements of liquid hydrogen. Its cost advantages and established global supply chains make it especially attractive in Asia, where energy security concerns and the high cost of electrification alternatives are driving interest in hydrogen-carrier fuels.

Amogy has now raised nearly $300 million in total, with new backers BonAngels Venture Partners, Pathway Investment, and JB Investment joining the round. The company targets newbuild and retrofit vessel applications alongside commercial stationary power projects. As the International Maritime Organisation's 2050 net-zero target for shipping intensifies demand for alternative fuels, Amogy's ammonia pathway places it at the centre of a competitive decarbonisation market.

Key figure — $80 million total round