Brooklyn-based startup Amogy recently announced an $80 million series B funding round. This big accomplishment makes the company a clear forerunner out here in the new-ish field of ammonia-to-power tech. The company’s innovative approach aims to create sustainable energy solutions for ships and data centers, capitalizing on growing demand in international markets.
Today, Amogy was created to utilize ammonia as a clean fuel solution. As promising as its core technology has been, it has lit the imaginations of countries such as Japan, South Korea, and Singapore. To offset some of these pesky political headwinds, the company has poured energy and resources into capitalizing on booming foreign markets. This strategy has allowed it to stay on top of its strong presence in areas where its technologies are most needed.
Amogy’s latest funding round follows a prior raise of $23 million, bringing the startup’s total valuation to an impressive $700 million. These funds will help Amogy accelerate the commercialization of its ammonia-to-power systems. At full deployment, these systems are capable of producing anywhere from 500 kilowatts to one megawatt of electricity.
The company’s longer-term vision is one where its customers can deploy dozens of systems at once. This advancement will more than double their existing power generation capabilities. Amogy plans to deploy its first commercial-scale system on a ship within the next two years. The launch is a big moment for the company, which in August 2023 successfully tested its technology in a tugboat.
For Amogy’s co-founder and CEO Seonghoon Woo, this is just the beginning of what he believes is ground-breaking technology. He’s particularly excited about its potential to transform the energy sector. He stated,
“We see ammonia basically as the next LNG, but without the carbon.” – Seonghoon Woo
This top down view reflects Amogy’s deep connection to sustainability. It reinforces their forward-looking strategy to position themselves to use ammonia as a competitive substitute for fossil fuels.
Amogy’s short-term plans call for it to source ammonia primarily from the U.S. and the Middle East. In these regions, hydrogen can be produced from cheap natural gas to underpin its ammonia production. Woo pointed to the company’s plans to move to greener sources of hydrogen to produce ammonia. That would be in line with international goals to reduce carbon emissions.
Amogy’s focus on international markets aligns with broader trends in the energy industry, where countries like Japan and South Korea are seeking innovative solutions to reduce their reliance on fossil fuels. The need for clean energy solutions is more pressing than ever, and Amogy’s technology is uniquely poised to provide it.
Amogy is preparing for its next stage of expansion. It’s dedicated to developing its ammonia-to-power technology, while looking for openings in other, more established, but equally promising markets. The company has developed an impressive funding war chest. With its smart, cutting-edge approach, it is poised to change the way we produce and use energy.
