U.S.-based Amogy, a provider of ammonia-to-power solutions, has successfully secured an additional $23 million in venture financing to further enhance its maritime products and facilitate expansion into Asian markets. This investment round, co-led by Korea Development Bank (KDB) and KDB Silicon Valley, along with other investors like BonAngels Venture Partners and JB Investment, marks a significant milestone in Amogy's journey, with a total of nearly $300 million raised since its inception. The funding aims to bolster the company's efforts in delivering stationary power generation systems, advancing maritime product development, and facilitating its growth in the Asian market. Amogy's initiatives in the ammonia power sector have been remarkable, including showcasing the first carbon-free, ammonia-powered maritime vessel in September 2024. Collaborations with maritime industry partners have enabled the integration of Amogy's technology in newbuild and retrofit vessel applications, aligning with global objectives to decarbonize the shipping industry. Moreover, Amogy has expanded its operations in South Korea and established a partnership with the city of Pohang to implement a clean, ammonia-fueled distributed power generation system with a capacity of up to 40 MW for commercial operations by 2028-2029. Seonghoon Woo, the Co-Founder and CEO of Amogy, expressed the company's readiness to address the increasing demand for clean power globally, emphasizing ammonia as a key clean fuel. He highlighted Asia's strong support for a hydrogen-based economy and the role of ammonia as an efficient zero-carbon fuel, with gratitude towards investors like Korea Development Bank for their confidence in Amogy's vision and growth trajectory.