Amogy raises $80M to power ships and data centers with ammonia

Brooklyn-based startup Amogy has raised an additional $23 million in funding, bringing its total to $80 million and increasing its valuation to $700 million. The funding round was led by Korea Development Bank and KDB Silicon Valley LLC, with participation from other investors. Amogy focuses on ammonia-to-power technology and targets Asian markets such as Japan, South Korea, and Singapore, where demand for alternative power generation methods is growing due to limited solar, wind, geothermal, and nuclear options. The company aims to provide a clean energy solution by fully replacing fossil fuels with ammonia as a fuel source. Ammonia, commonly used in fertilizers, serves as a hydrogen carrier that is easier to transport than hydrogen itself. While some Asian countries and shipping companies currently burn ammonia mixed with fossil fuels to reduce carbon emissions, this approach does not achieve full decarbonization. Amogy’s technology cracks hydrogen atoms from ammonia and uses them in fuel cells to generate electricity and water vapor without combustion, thus eliminating NOx