Aramco, SV Investment Leads $56M Funding Round for Amogy’s Ammonia Tech
With new financing, Amogy will continue developing and commercializing its ammonia-to-power systems in the maritime shipping and stationary power generation markets.
Amogy raised $56 million in venture financing after its latest ammonia-to-electrical power demonstration: In September 2024, the NH3 Kraken tugboat successfully completed the world’s first carbon-free voyage using the company’s proprietary system. With this funding round co-led by Aramco Ventures and SV Investment, Amogy totals more than $270 million in external financing since its founding in 2020.
“Since our founding just four years ago we’ve been on a trajectory to bring our ammonia-to-power technology to hard-to-abate sectors like maritime and power,” said Seonghoon Woo, CEO and Co-Founder of Amogy. “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 decarbonization goals in heavy industries. On the heels of this achievement, we’re happy to receive validation from investors representing a mix of industry who are supporting our push towards commercialization.”
NH3 Kraken ammonia-powered tugboat; image credit: Ballard Power Systems
The company will use this capital to further develop and commercialize its ammonia-to-power systems in the maritime shipping and stationary power generation industries, with additional focus on research and manufacturing capabilities.
Existing & New Investors
The existing investors, including co-leader Aramco Ventures, are:
- Temasek
- MOL Switch
- Yanmar Ventures
- AP Ventures
- Marunouchi Innovation Partners
“The Amogy team has demonstrated progress in developing their ammonia-powered technology through a systematic and effective approach,” said Ilyong Choi, Executive Vice President of SV Investment. “Their unwavering commitment to commercialization, coupled with a focus on research and development, has instilled confidence among partners in the viability and adaptability of their solutions for diverse customer needs. Amogy’s strategic execution plan is set to bring their technology to the forefront of distributed generation and maritime applications, with deployment expected at the right sites and timelines by 2026.”
Many new investors participated in Amogy’s latest venture financing round, with notable contributions from Samsung Heavy Industries and Hanwha Investment & Securities. Additional partners include BHP Ventures, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP.
Tech Demos & How It Works
The system cracks ammonia into its base elements—hydrogen and nitrogen. Once separated, hydrogen is transferred into a hydrogen-to-power system, such as an integrated fuel cell or hydrogen engine, producing dense, zero-carbon power. To date, Amogy successfully demonstrated this technology on a tugboat, aerial drone, commercial farm tractor, and a semi-truck.
“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,” said Laurel Buckner, Vice President Ventures at BHP. “With our investment, BHP Ventures deepens its commitment to technologies that drive innovation, reduce emissions, and support BHP’s broader sustainability strategy.”
More Amogy News
In early November 2024, Amogy, Hyundai Infracore Co. (HDI), and SK Innovation Co. agreed to cooperatively develop a distributed power generation system that combines their proprietary technologies. The system will contain:
- HDI’s 100% hydrogen engine, the HX22
- Amogy’s ammonia cracking technology, which uses catalyst materials to dissolve ammonia into hydrogen at lower reaction temperatures with high durability
Combining Amogy’s ammonia cracking with the HDI engine offers a cost-effective ammonia-to-power solution, with the companies exploring the long-term commercial viability and potential opportunities presented by the new system. It is designed to accelerate the decarbonization of distributed power generation in South Korea’s power market.
