A New York–based startup that sailed what it says was the first ammonia-powered vessel announced Wednesday that it has raised $56 million in new venture funding.
Amogy, which was founded by three Massachusetts Institute of Technology PhD graduates, aims to help decarbonize sectors like maritime shipping that are viewed as more difficult to shift away from fossil fuels. To do that, it created a chemical reactor that “cracks” ammonia — a compound often used in products like fertilizer — into nitrogen and hydrogen. The hydrogen then goes through a fuel cell that can power vessels, trucks, and other machinery, while the nitrogen is released into the air.
Aramco Ventures, an existing investor and the venture capital arm of oil giant Saudi Aramco, along with the Seoul-based venture capital firm SV Investment, co-led Amogy’s recent financing round. Amogy said that it plans to use the money to help commercialize its technology and also to bolster manufacturing as well as research and development.
The new investment follows a $139 million funding round the company announced almost two years ago. Amogy has raised more than $270 million since it was founded in 2020. In addition to testing ammonia in a tugboat this past September, Amogy has also used its technology to power a drone, a tractor, and a semi-truck.
“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,” Amogy CEO and cofounder Seonghoon Woo said in a statement. The company is planning to commercially deploy its ammonia-to-power systems in 2026, he said.
Though Amogy has tested its technology in other sectors, the maritime industry presents a massive challenge on its own. Cargo shipping is responsible for around 3 percent of greenhouse gas emissions worldwide per year. While the industry has been exploring pathways to decarbonize, it’s difficult to find alternatives to fossil-fuel-powered ships given they often carry thousands of tons of cargo and sail for sometimes weeks without docking.
