Amogy Raises $56 Million to Bolster Commercialization of Pioneering Ammonia-to-Power Solutions

New and existing investors back company behind the world’s first carbon-free, ammonia-powered maritime vessel

Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced that it raised $56 million in venture financing, bringing total raised since inception to more than $270 million. The round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round include Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.

This financing follows the latest successful demonstration of Amogy’s ammonia-to-electrical power system where it sailed the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. In earlier demonstrations, the company successfully used its technology to power an aerial drone, commercial farm tractor, and semi-truck. Amogy’s patented ammonia-powered system splits, or “cracks,” ammonia into its base elements of hydrogen and nitrogen. The hydrogen is then funneled into a hydrogen-to-power system, either an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions.

“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 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 monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors representing a mix of industry who are supporting our rapid push towards commercialization.”

“The Amogy team has demonstrated exceptional progress in developing their ammonia-powered technology through a systematic and highly effective approach,” said Ilyong Choi, Executive Vice President of SV Investment. “Their unwavering commitment to commercialization, coupled with a deep 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 impactful deployment expected at the right sites and timelines by 2026.”

“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."

With this latest financing, the company will accelerate commercializing its technology in key markets including maritime shipping and stationary power generation and will continue strengthening its research and development efforts and manufacturing capabilities.

About Amogy

Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors such as maritime, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology is mature, scalable and a highly efficient method for splitting liquid ammonia, generating electrical power in combination with a hydrogen-to-power conversion system.

Amogy is headquartered in Brooklyn, New York, with additional locations including Houston, Texas, Norway, and Singapore. Amogy is backed by investors including Amazon’s Climate Pledge Fund, Temasek, SK Innovation, Aramco Ventures, Mitsubishi Corporation and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit www.amogy.co.

About Aramco Ventures

Aramco Ventures is the corporate venturing arm of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures’ strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent company, Aramco, primarily supporting its operational decarbonization, new energies and materials businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.

For more information, please visit www.aramcoventures.com

About SV Investment

SV Investment is a venture capital, headquartered in Seoul, Republic of Korea and operates globally with subsidiaries located in Boston, Singapore, Hong Kong, Shanghai, and Shenzhen. As one of Korea's leading venture capital firms, SV Investment partners with global top-tier startups across diverse sectors, including technology, entertainment, e-commerce, and platform-based businesses and so on. The firm's impressive portfolio features high-growth companies such as HYBE, Korea’s leading record label behind BTS, and Rebellions, a fabless AI chip startup, and many more across different regions.

To learn more, please connect with SV Investment on LinkedIn or visit www.svinvest.com.

About BHP Ventures

BHP Ventures is the in-house venture capital arm of BHP. We scour the globe to find and foster emerging, game-changing technologies with the potential to help make BHP’s global operations more safe, productive and sustainable. This complements and enhances the innovation already underway within BHP, by forging new partnerships and creating fresh opportunities to strengthen our portfolio and lower our emissions. For our partners, BHP Ventures provides the opportunity to collaborate with one of the world’s largest natural resources companies, with more than 80,000 talented people working at top-class assets across Australia and the Americas to produce premium iron ore, copper, nickel, and metallurgical coal for global customers.

To learn more, please connect with BHP Ventures on LinkedIn or visit https://www.bhp.com/about/our-businesses/ventures

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