Amogy, a global leader in providing ammonia-based carbon-free power generation systems, announced that it has raised $56 million in venture capital, bringing its total investment since inception to over $270 million.
This investment was jointly led by existing investor Saudi Aramco Ventures and new investor SV Investment, with new investors including Samsung Heavy Industries, Australian mining company BHP, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul Investment Partners.
This investment round was also joined by existing investors such as Singapore’s sovereign wealth fund Temasek, Japanese shipping companies MOL, Yanmar, AP Ventures, and Marunouchi Innovation Partners. In particular, Amoji and Samsung Heavy Industries plan to strengthen their cooperation, including jointly developing next-generation power generation technology based on ammonia, an eco-friendly fuel.
Amoji successfully unveiled the world’s first zero-emission ammonia-powered vessel in September 2024, and has previously demonstrated its technology in a variety of applications including aerial drones, commercial agricultural tractors, and large trucks. Amoji’s patented ammonia-based power generation system uses ammonia “cracking” technology to break down ammonia into hydrogen and nitrogen, then feeds the hydrogen produced to a hydrogen combustion engine or hydrogen fuel cell to produce environmentally friendly electricity with zero carbon emissions.
“Over the past four years since our founding, we have grown rapidly to provide Amoji’s ammonia-based power generation solutions to difficult-to-decarbonize sectors such as shipping and power generation,” said Woo Sung-hoon, Amoji’s CEO and co-founder. “Our recent voyage of our ammonia-based powered tugboat, the NH3 Kraken, has once again proven that Amoji’s technology is a safe and effective decarbonization solution. We are very pleased to have received such strong trust and support from leading industry investors amidst the challenging investment environment, based on these technological achievements, and we will accelerate our journey to commercialize our technology going forward.”
“The Amogy team has the ability to simultaneously solve customers’ various problems in a very systematic and effective way, while also quickly realizing the significance and value of the projects they are working on from a business perspective,” said Il-Yong Choi, Senior Team Leader at SV Investment, who led this investment round together with Aramco Ventures. “The team has optimized the element technologies they have accumulated so far to complete the verification of a miniaturized modular ammonia-based power generation system product, and we expect that they will soon be able to quickly meet the needs of potential global customers.”
With this investment, Amoji plans to accelerate the commercialization of its technology in key markets such as shipping and distributed power generation, and strengthen its research and development capabilities.
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