Clean fuel tech startup Amogy announced that it raised $56 million in venture financing for solutions aimed at decarbonizing transportation, heavy industry and other sectors.

With this latest financing, Amogy said that it will accelerate commercializing its technology in maritime shipping and stationary power generation, and continue strengthening its research and development efforts and manufacturing capabilities.

Founded in 2020, Brooklyn, New York-based Amogy offers ammonia-based, emission-free, high energy-density power solutions aimed at decarbonizing hard-to-abate sectors such as heavy-duty transportation, maritime, power generation, and heavy industry. The company’s technology turns liquid ammonia into its base elements of hydrogen and nitrogen, using the hydrogen to power fuel cells or electric motors, allowing for zero-carbon transportation. Amogy says that it aims to reduce more than 5 billion metric tons of CO2-eq emission by 2040 using its solution.

To date, Amogy has raised more than $270 million. The new financing follows a successful demonstration of Amogy’s ammonia-to-electrical power system, where it sailed the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. In earlier demonstrations, the company successfully used its technology to power an aerial drone, commercial farm tractor, and semi-truck.

Seonghoon Woo, CEO and co-founder of Amogy, said:

“Since our founding just four years ago we’ve been on a rapid trajectory to bring our innovative ammonia-to-power technology to hard-to-abate sectors like maritime and power. The latest technical demonstration — the successful sailing of the NH3 Kraken, our ammonia-powered tugboat — showcased that Amogy’s technology is a safe, viable, and effective solution for achieving decarbonization goals in heavy industries. On the heels of this monumental achievement, we’re especially invigorated by the strong validation we’re receiving from premier investors representing a mix of industry who are supporting our rapid push towards commercialization.”

The round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round include Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.

Ilyong Choi, Executive Vice President of SV Investment, said:

“The Amogy team has demonstrated exceptional progress in developing their ammonia-powered technology through a systematic and highly effective approach. Their unwavering commitment to commercialization, coupled with a deep focus on research and development, has instilled confidence among partners in the viability and adaptability of their solutions for diverse customer needs.”