Amogy Secures $23 Million in Funding for Ammonia-to-Power Tech
Climate tech startups are facing challenges in a rapidly changing landscape, from tariffs to political changes like the recent reconciliation bill. However, Brooklyn-based startup Amogy has managed to navigate these challenges by focusing on promising foreign markets rather than getting caught up in U.S. politics.
Amogy, known for its innovative technology that converts ammonia into power, has been focusing on Asian markets such as Japan, South Korea, and Singapore. This strategic move has paid off, as the startup recently secured $23 million in funding, bringing its total fundraise to $80 million and its valuation to $700 million. The funding round was led by the Korea Development Bank and KDB Silicon Valley LLC, with participation from BonAngels Venture Partners, JB Investment, and Pathway Investment.
While Amogy is based in the U.S., the demand for its technology in countries like Japan and South Korea, where there is a need for alternative power generation methods, has been significant.
Ammonia, traditionally used in fertilizers, is also being explored as a hydrogen carrier due to its ease of transport compared to pure hydrogen. Asian countries are increasingly turning to burning ammonia in existing fossil fuel power plants as a way to reduce carbon emissions. Similarly, shipping companies are replacing diesel with ammonia to comply with upcoming carbon tax regulations set by the International Maritime Organization.
Amogy is working on fully replacing fossil fuels with its ammonia-based technology. By converting ammonia into electricity and water vapor without combustion, the company’s process eliminates NOx pollution, offering a cleaner alternative for power generation.
The startup has tested its technology in a tug boat and plans to deploy a commercial-scale system in a ship within the next few years. Additionally, Amogy is developing a power plant to serve terrestrial customers, including data centers, with plans to start generating power in the near future.
As Japan and South Korea ramp up their efforts to develop their ammonia infrastructure, Amogy is well-positioned to meet the growing demand for clean energy solutions. While initial supplies of ammonia may come from regions like the U.S. and the Middle East, there is a long-term vision to transition to green sources of hydrogen for ammonia production.
With Asian countries viewing ammonia as the next LNG but without the carbon emissions, Amogy is poised to play a key role in the transition to sustainable energy solutions in the region.
