Amogy announced on the 15th that it has secured an additional $23 million in venture investment, bringing Amogy's total investment to approximately $300 million.
This investment round was jointly led by the Korea Development Bank (KDB) and KDB Silicon Valley, with BonAngels Venture Partners, Pathway Investment, and JB Investment participating as new investors.
Since the successful test operation of the world's first carbon-free ammonia propulsion vessel in September 2024, Amoji has been applying related technologies to new ship designs and existing ship conversion projects. It is currently expanding its cooperative relationship with major companies in the shipping industry, such as Mitsui Marine and Samsung Heavy Industries.
In addition, the development of a carbon-free distributed power generation system for land is also in full swing. We have signed strategic partnerships with major domestic companies such as SK Innovation, GS Engineering & Construction, and HD Hyundai Infracore, and are currently working with Pohang City to build an ammonia-based power generation system of up to 40MW, with the goal of commercial operation in 2028-2029.
Through this investment, Amoji plans to accelerate the commercialization of ammonia fuel-based power systems, focusing on the Asian market.
“As demand for carbon-free electricity increases, the potential uses of ammonia are expanding significantly, and demand for land-based power generation systems is also growing rapidly,” said Woo Sung-hoon, CEO and co-founder of Amogi. “Through this investment, we will further accelerate the commercialization of ammonia-based carbon-free technology in Asian markets, including Korea.”
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