Amogy pulls in $23M to push ammonia power tech in Asia
Brooklyn-based Amogy just raised $23 million, boosting its total funding to $80 million and valuation to $700 million. The Korea Development Bank led the round, joining BonAngels Venture Partners, JB Investment, and Pathway Investment.
The startup’s ammonia-to-power tech skips US market headaches by targeting Japan, South Korea, and Singapore. These countries lack strong renewable resources and nuclear options, making ammonia power a hot alternative. 
Ammonia acts as a hydrogen carrier, simplifying transport and allowing easier use in power and shipping sectors—both eyeing cuts under new carbon tax rules set by the International Maritime Organization come 2027.
Unlike partial ammonia blends used to replace coal or diesel, Amogy’s process fully replaces fossil fuels. It cracks hydrogen from ammonia, feeds hydrogen to fuel cells, and emits only nitrogen and water vapor—no smog-causing NOx pollution.
Amogy has tested this tech on tug boats and plans commercial ship deployments soon. The first ammonia-based power plants, aimed at data centers and terrestrial customers, will start in the next few years. These systems will provide 500 kW to 1 MW each, scalable by stacking units.
Co-founder and CEO Seonghoon Woo explained the shift to Asia:
“They don’t have as high quality solar, wind, and geothermal resources, and they are not really in the best position to build a nuclear power either.”
Ammonia for these Asian markets now mainly comes from the US and Middle East, produced with natural gas. Japan and South Korea are setting carbon standards for ammonia imports, likely requiring producers to capture emissions.
Woo envisions a green future:
“Asian countries, Woo said, ‘see ammonia basically as the next LNG, but without the carbon.’”
