Total amount raised
$275.3 Millions
Latest funding date
1/1/2025
Location
Amogy has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company is pioneering carbon-free energy solutions using innovative ammonia cracking technology.
Continue reading to delve into the details of Amogy's funding journey and the key investors supporting this groundbreaking venture.
What Is Amogy?
Amogy, founded in November 2020, is headquartered in Brooklyn, New York. The company was established by Hyunho Kim, Jongwon Choi, Seonghoon Woo, and Young Suk Jo.
Amogy specializes in developing carbon-free energy solutions using innovative ammonia cracking technology. Their mission is to decarbonize hard-to-abate sectors such as maritime, power generation, and heavy industry.
With a team of 101-250 employees, Amogy is dedicated to advancing clean energy technologies to achieve Net Zero emissions.
How Much Funding Has Amogy Raised?
- Seed Round
- Amount Raised: $3.1M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial prototypes and validate the ammonia cracking technology.
- Series A
- Amount Raised: $20M
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up the technology and expand the team.
- Corporate Round
- Amount Raised: $46M
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance R&D capabilities and prepare for commercial deployment.
- Series B
- Amount Raised: $139.2M
- Date: March 2023
- Lead Investors: SK Innovation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate commercialization and expand market reach.
- Series B
- Amount Raised: $11M
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing commercialization efforts and technology refinement.
- Venture Round
- Amount Raised: $56M
- Date: January 2025
- Lead Investors: Aramco Ventures, SV Investment Corp
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate commercialization and hire additional staff for engineering and operations.
Amogy has raised a total of $275.3M. The current valuation is not publicly disclosed.
Key Investors
- Aramco Ventures
- Details: Aramco Ventures is the corporate venturing arm of Saudi Aramco, focusing on strategic investments in innovative technologies and companies that align with Saudi Aramco's business objectives and sustainability goals.
- Investment Focus Areas: Operational decarbonization, new energies and materials businesses, digital transformation initiatives.
- Notable Investments: Not publicly disclosed.
- SV Investment Corp
- Details: SV Investment Corp is a venture capital firm headquartered in Seoul, Republic of Korea, with global operations. The firm partners with top-tier startups across diverse sectors.
- Investment Focus Areas: Technology, entertainment, e-commerce, platform-based businesses.
- Notable Investments: HYBE, Rebellions.
- SK Innovation
- Details: SK Innovation is a South Korean energy and chemical company involved in oil exploration, production, refining, battery manufacturing, and green energy solutions.
- Investment Focus Areas: Energy sector, battery manufacturing, green energy solutions.
- Notable Investments: Not publicly disclosed.
- Samsung Heavy Industries
- Details: Samsung Heavy Industries is a global leader in shipbuilding and offshore engineering, part of the Samsung Group.
- Investment Focus Areas: Shipbuilding, offshore engineering, renewable energy solutions.
- Notable Investments: Not publicly disclosed.
- BHP Ventures
- Details: BHP Ventures is the venture capital arm of BHP, a leading global resources company. The firm invests in innovative technologies that can transform the resources sector.
- Investment Focus Areas: Mining technology, sustainability, resource efficiency.
- Notable Investments: Not publicly disclosed.
What's Next for Amogy?
Amogy stands at the cusp of a transformative opportunity, with its ammonia-to-power technology poised to revolutionize sectors like maritime shipping and stationary power generation. The recent $56 million funding round underscores the significant market potential, enabling the company to scale its manufacturing capabilities and strengthen R&D efforts. As global demand for sustainable energy solutions grows, Amogy's innovative approach positions it well to capture a substantial share of this burgeoning market.
Future fundraising appears promising, with strong backing from high-profile investors like Aramco Ventures and SV Investment. This financial support is crucial as Amogy navigates the complexities of commercializing its technology. However, the path ahead is not without challenges. The company must overcome technical and logistical hurdles, regulatory barriers, and competition from other sustainable energy technologies. Yet, with its robust investor base and groundbreaking technology, Amogy is well-equipped to tackle these obstacles and drive forward the decarbonization of hard-to-abate sectors.
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