Americas News
Amogy Raises $56 Million to Commercialise Ammonia Cracking in Shipping
New York-based technology firm Amogy has secured $56 million in funding, bringing its total raised capital to $270 million since inception and helping to fund projects including ammonia technology for shipping.
The funding round was co-led by existing investor Aramco Ventures and new investor SV Investment, along with other new backers, including Samsung Heavy Industries, Amogy said in a statement on its website on Thursday.
The newly raised funding will be used by the company to accelerate the commercialisation of its ammonia-to-power solutions in key markets, including shipping and power generation.
Amogy has developed a technology that converts ammonia into electricity.
In this process, ammonia is fed into a reactor where it is cracked using catalysts to separate hydrogen and nitrogen. The impurities in the resulting hydrogen and nitrogen are removed, and the clean hydrogen is then used in fuel cells or hydrogen engines to generate electricity.
This electricity can be used to power ships, while the nitrogen is safely released back into the atmosphere.
Amogy demonstrated this technology by retrofitting it into the tugboat NH3 Kraken, which completed its maiden voyage on a tributary of the Hudson River in New York in September 2024.
