Amogy secures an additional $23m in venture capital, on top of the initial $56m, co-led by Korea Development Bank and KDB Silicon Valley with new investors participating. This brings Amogy’s total funding to nearly $300m, accelerating growth in the Asian market and maritime and stationary power generation systems.

Following the successful demonstration of their carbon-free maritime vessel, Amogy is partnering with industry leaders to deploy their technology in newbuild and retrofit vessels, contributing to global shipping decarbonization efforts. CEO Seonghoon Woo sees a strong demand for ammonia-to-power technology and clean fuel globally, especially in Asia.

Amogy’s expansion into the Asian market, particularly South Korea, is progressing rapidly, with plans for a clean ammonia-fuelled distributed power generation system in Pohang by 2028-2029. Ammonia is seen as a viable and economical option for transporting and storing zero-carbon energy, aligning with South Korea’s Clean Hydrogen Portfolio Standard and Distributed Energy Act goals.

Read more at Yahoo Finance: Amogy secures $23m to boost global growth and advance ammonia-to-power solutions