Amogy, a prominent player in the field of ammonia-to-power technologies, has successfully concluded an extended funding round by securing an additional $23 million in venture capital. This significant boost brings Amogy's total fundraising efforts since its inception to approximately $300 million. The latest injection of funds is expected to play a crucial role in driving the company's international expansion, with a specific focus on penetrating the Asian market. Amogy aims to further enhance its stationary power systems and maritime solutions through this increased financial backing. The funding round was co-led by Korea Development Bank (KDB) and KDB Silicon Valley LLC, with additional support from new investors like BonAngels Venture Partners, Pathway Investment, and JB Investment. This funding round marks a higher company valuation, indicating a growing belief in Amogy's ammonia-based energy technologies. Amogy's innovative technology facilitates scalable and efficient ammonia-to-power solutions, positioning ammonia as a viable zero-emission fuel. The company gained global attention in September 2024 by introducing the world's first carbon-free ammonia-powered vessel. This accomplishment has spurred collaborations with major maritime partners to explore new vessel construction and retrofit opportunities, contributing to efforts aimed at decarbonizing the international shipping sector. Simultaneously, Amogy is expanding its presence in South Korea, where it is hastening the deployment of its technology in stationary power generation. Notably, a significant project involves a partnership with the city of Pohang to implement an ammonia-based distributed energy system with a capacity of up to 40 MW. This system is scheduled to commence commercial operations between 2028 and 2029. The CEO and co-founder of Amogy, Seonghoon Woo, highlighted the increasing global demand for clean energy solutions, particularly those based on ammonia. Woo emphasized the maritime industry's significance while noting a rising interest in ammonia for broader power generation applications. In the context of Asia's progression towards a hydrogen-based economy, Woo pointed out that ammonia, being the most cost-effective hydrogen carrier, is poised to become the predominant clean fuel in the region. The partnership with Korea Development Bank was underscored by Woo as strategically vital, given the bank's expertise in scaling large-scale energy infrastructure projects, aligning with Amogy's overarching mission. Notably, countries like South Korea, Japan, and Singapore, which heavily rely on imported fuels, view ammonia as a promising avenue for ensuring energy security and sustainability. Supportive policies in South Korea, such as the Clean Hydrogen Portfolio Standard (CHPS) and the Distributed Energy Act (DEA), are propelling the transition towards low-carbon energy sources. Government estimates forecast that ammonia and hydrogen will collectively contribute 2% to South Korea's electricity production by 2030, with a projected increase to 7% by 2035.