NH3 Kraken sails on its maiden voyage following completion of ammonia retrofitting works, September 23, 2024
NH3 Kraken sails on its maiden voyage following completion of ammonia retrofitting works, September 23, 2024Amogy
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Amogy raises additional $23m to scale ammonia-to-power technology

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Amogy, a developer of ammonia-to-power solutions, announced on July 18 that it has secured an additional $23 million in venture financing. The new funding is an expansion of a fundraise initially announced in January 2025 and brings the total raised by the company since its inception to nearly $300 million.

The funding round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley, with participation from several other new investors. The company stated the funds will be used to accelerate the development of its maritime products and support its expansion into the Asian market.

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Tug rebuilt with ammonia propulsion system sails on maiden voyage

In September 2024, Amogy conducted a trial with what it described as the world’s first ammonia-powered maritime vessel.

Seonghoon Woo, co-founder and CEO of Amogy, stated that the company has long recognized the demand for ammonia-to-power technology in the shipping industry, and pointed out that, "support for a hydrogen-based economy is also strong in Asia."

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