South Korean ammonia-to-power startup Amogy has secured an additional USD 23 million (KRW 31.8 billion) in strategic funding, bringing its total capital raised to nearly USD 300 million since its founding. This latest investment round has also propelled the company’s valuation to a new record high.

The round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley, with new investors including BonAngels Venture Partners, Pathway Investment, and JB Investment.

Amogy has been rapidly expanding following its successful demonstration in September 2024 of the world’s first ammonia-powered zero-carbon vessel. The company is now working with leading maritime industry players—such as Mitsui O.S.K. Lines and Samsung Heavy Industries—to apply its ammonia-based technology to new ship builds and retrofitting projects.

In addition, Amogy has formed strategic partnerships with major Korean conglomerates including SK Innovation, GS E&C, and HD Hyundai Infracore, to scale its land-based distributed ammonia power systems. In April 2025, Amogy announced a plan with the city of Pohang to build a 40MW ammonia-based clean power facility, targeting commercial operation between 2028 and 2029.

Ammonia is gaining attention as a carbon-free energy carrier, particularly in Asia where countries like South Korea, Japan, Taiwan, and Singapore lack domestic fossil fuel resources and rely heavily on imports. In Korea, government policies such as the Clean Hydrogen Power Mandate and the Distributed Energy Activation Act are accelerating this transition. It is projected that 2% of electricity will come from hydrogen and ammonia sources by 2030, and 7% by 2035.

Amogy CEO and co-founder Seonghoon Woo said, “We’ve long recognized the demand for ammonia-based carbon-free power in the maritime sector. Now, as global demand for clean power skyrockets, we see growing opportunities for ammonia to be utilized across broader applications, including land-based generation. Asia, particularly Korea, is actively embracing the hydrogen economy, and ammonia—with its high cost competitiveness as a hydrogen carrier—is emerging as a leading zero-carbon fuel. We are deeply grateful to our investors for their trust and are proud to partner with institutions like KDB that bring deep financial expertise and infrastructure vision.”

The company stated that the new funding will be used to strengthen its land-based power capabilities, accelerate maritime product development, and expand across Asian markets.