Amogy, a provider of ammonia-to-power solutions, has raised an additional $23 million in venture financing to expedite the development of its maritime products and facilitate its expansion into the Asian market. The funding round, co-led by Korea Development Bank and KDB Silicon Valley, also saw participation from new investors BonAngels Venture Partners and Pathway Investment. With this funding boost, Amogy has now accumulated close to $300 million in total since its establishment, marking a new valuation peak for the company. Following the successful demonstration of the world's first carbon-free, ammonia-powered maritime vessel in September 2024, Amogy has been strengthening partnerships with key players in the maritime sector to implement its technology in both newbuild and retrofit vessel applications, supporting global efforts to decarbonize shipping. Moreover, the company has broadened its activities in South Korea, notably forming alliances to advance its technology in stationary power generation. A recent collaboration with the city of Pohang in South Korea aims to introduce a clean, ammonia-fueled distributed power generation system with a capacity of up to 40 MW for commercial use by 2028-2029. Amogy's co-founder and CEO, Seonghoon Woo, expressed the increasing demand for ammonia as a clean fuel, especially within the context of the rising global interest in clean power. He emphasized ammonia's significance as a cost-effective hydrogen carrier, positioning it as a prominent zero-carbon fuel solution, particularly in Asian markets where support for a hydrogen-based economy is robust. Ammonia is highlighted as an appealing and cost-efficient method for transporting and storing zero-carbon energy in nations like South Korea, Japan, and Singapore, which heavily rely on fuel imports due to limited fossil fuel reserves. In South Korea, policies such as the Clean Hydrogen Portfolio Standard and the Distributed Energy Act are propelling the transition towards a new energy landscape, with hydrogen and ammonia projected to contribute significantly to the country's electricity generation targets, aiming for 2% by 2030 and 7% by 2035.