Brooklyn-based startup Amogy has raised US$23 million in a funding round led by Korea Development Bank and KDB Silicon Valley LLC.

Other participants included BonAngels Venture Partners, JB Investment, and Pathway Investment.

This brings the company’s total fundraising to US$80 million and values it at US$700 million, according to co-founder and CEO Seonghoon Woo.

Amogy’s ammonia-to-power technology is being adopted in Asian markets, particularly in Japan, South Korea, and Singapore.

These countries are considering ammonia as a hydrogen carrier to enhance power generation and decrease carbon emissions.

The company extracts hydrogen from ammonia to power fuel cells without combustion, reducing nitrogen oxide (NOx) pollution.

Amogy has tested its system on a tugboat and plans commercial-scale deployment on ships, along with power solutions for data centers.

Its expansion supports Japan and South Korea’s push to decarbonize coal and shipping, spurring ammonia producers to adopt cleaner tech.

🔗 Source: TechCrunch

🧠 Food for thought

1️⃣ Asia’s strategic shift to ammonia reflects regional energy constraints

Japan and South Korea’s interest in ammonia technology stems from their geographic limitations for renewable energy development, explaining why Amogy’s technology found fertile ground there despite being a US-based startup.

These countries consumed approximately 3.7 million metric tons of hydrogen in 2020, with projections reaching 4.4 million metric tons by 2025, making the region a significant market for hydrogen technologies 1.

Nearly half of this hydrogen consumption already goes to ammonia production, creating an established industrial base that can be leveraged for newer power generation applications 1.

The transition to ammonia as an energy carrier represents a practical solution for countries with limited domestic renewable resources looking to decarbonize, as they can import clean energy in a stable chemical form.

Asian nations’ approach demonstrates how geography and resource constraints shape energy transition strategies differently across regions, with ammonia emerging as a key technology for countries lacking abundant wind and solar potential.