Amogy, a NYC-based provider of ammonia-to-power solutions, raised $56M in funding.
The round was led by Aramco Ventures and new investor SV Investment, with participation from 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.
The company intends to use the funds to 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.
Led by CEO Seonghoon Woo, Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors such as maritime, power generation, and heavy industry. Its patented ammonia cracking technology is a method for splitting liquid ammonia, generating electrical power in combination with a hydrogen-to-power conversion system.
The company has additional locations including Houston, Texas, Norway, and Singapore.
FinSMEs
15/01/2025