US-based Amogy has raised $56 million in venture financing in a round co-led by existing investor Aramco Ventures and new investor SV Investment, bringing total raised since inception to more than $270 million.
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 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 used its technology to power an aerial drone, commercial farm tractor, and semi-truck.
Amogy’s 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 power with zero carbon emissions.
With this latest financing, the company said it would accelerate commercializing its technology in key markets including maritime shipping and stationary power generation and will continue investing in its research and development efforts and manufacturing capabilities.