Amogy Valuation, Funding & Investors

Amogy is valued at $700M as of July 2025.

See full Amogy profile

Last Amogy valuation

$700M

Undisclosed stage · Jul 2025

Last Amogy funding round

$15M

Series A · Nov 2025

Cumulative funding Amogy raised

$313M

across 8 funding rounds

Key investors in Amogy

Amogy Overview

About Amogy

Amogy is a clean energy technology provider specializing in ammonia-to-power systems for hard-to-decarbonize sectors. Brooklyn-headquartered in New York, it employs patented ammonia cracking technology to produce hydrogen on-site for fuel cells, generating electricity without carbon emissions. The modular systems target maritime vessels, stationary power generation, and heavy industry, with demonstrations on tugboats and partnerships in Southeast Asia.


Founded

2020

HQ

United StatesNew York City, NY

Website

amogy.co

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$700M (Jul 2025)

Amogy Valuation

Amogy is currently valued at $700M, based on its undisclosed-stage round in July 2025.

The $23M round was led by KDB Silicon Valley and Korea Development Bank, with participation from BonAngels Venture Partners, Pathway Capital Management and JB Investment.

Amogy's valuation has grown 7.5x from $93M at its Series A in December 2021 to $700M in July 2025, across 2 priced rounds.

Amogy valuation by funding round

Amogy valuation by funding round
DateStageValuation
Jul 2025Undisclosed stage$700M
Dec 2021Series A$93M

Amogy Funding History

Amogy has raised a total of $313M across 8 funding rounds.

Amogy's first fundraising round was a $3M seed round in March 2021. The most recent completed round was a $15M Series A in November 2025.

Amogy funding rounds

Amogy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Series AGS Engineering (lead); Xplor Investment; GS Futures$15M-Amogy is a provider of ammonia-to-power solutions for distributed energy generation and decarbonization. The company has developed technology that converts ammonia into hydrogen for use in internal combustion engines and fuel cells, enabling carbon-free power generation for industrial, maritime, and other applications. Founded in November 2020 and based in Brooklyn, New York, with operations in Houston, Texas, Amogy had raised approximately $300 million in funding as of this round. On November 17, 2025, Amogy closed a $15 million strategic investment from GS Engineering & Construction (GS E&C), a South Korean engineering, procurement, and construction firm, alongside affiliated venture investors GS Futures and Xplor Investment Co. Ltd. This brought Amogy's total cumulative funding to $315 million, with the company having raised nearly $100 million over the prior year. The investment strengthens Amogy's partnership with GS E&C on commercialization initiatives, including a commercial pilot project with the city of Pohang, South Korea, targeting deployment of a 1 MW ammonia-based distributed power generation system in 2026, with plans to scale to 40 MW during the full commercial phase in 2028–2029. Amogy completed construction of its first manufacturing facility in 2025 and is executing on deployment of ammonia-based power generation projects across key markets globally.
Jul 2025Undisclosed stageKDB Silicon Valley (lead); Korea Development Bank (lead); BonAngels Venture Partners; Pathway Capital Management; JB Investment$23M$700MAmogy, a Brooklyn-based developer of ammonia-to-power technology, secured an additional $23 million in venture funding on July 15, 2025, expanding its ongoing round from an initial announcement in January 2025 to a total of $80 million. The round was co-led by KDB Silicon Valley and Korea Development Bank, with participation from BonAngels Venture Partners, JB Investment, and Pathway Capital Management (also referred to as Pathway Investment). This infusion brought Amogy's cumulative funding since inception to nearly $300 million and elevated its post-money valuation to $700 million, as stated by CEO Seonghoon Woo to TechCrunch. The funds are earmarked for advancing maritime ammonia-powered systems, scaling stationary power generation applications, and accelerating expansion into Asian markets, particularly South Korea. Amogy's technology converts ammonia—a cost-effective hydrogen carrier—into electricity for zero-carbon applications in shipping and distributed power. Key milestones include operating the world's first ammonia-powered maritime vessel, a retrofitted 1957 tugboat, in September 2024, and partnering with South Korea's Pohang city for a 40 MW ammonia-fueled power system targeting commercial operation by 2028-2029. The company has also collaborated with Korean conglomerates like SK Innovation, GS E&C, and HD Hyundai Infracore to deploy land-based systems, capitalizing on Asia's hydrogen economy push, including South Korea's policies aiming for hydrogen and ammonia to supply 2% of electricity by 2030 and 7% by 2035. Amogy maintains a global footprint with headquarters in New York, facilities in Texas, South Korea, Norway, and Singapore, and backing from prominent investors such as Amazon’s Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. The latest round underscores strong investor confidence in ammonia's role amid decarbonization efforts in hard-to-abate sectors like maritime and data centers, where countries like Japan and South Korea seek alternatives to limited renewables and nuclear options.
Jan 2025Undisclosed stageAramco Ventures (lead); SV Investment (lead)$56M-Amogy is a Brooklyn, New York-based cleantech startup founded in 2020 that develops ammonia-to-power solutions for decarbonizing hard-to-abate sectors including maritime, heavy-duty transportation, power generation, and heavy industry. The company's core technology converts liquid ammonia into hydrogen and nitrogen, using hydrogen to power fuel cells or electric motors to enable zero-carbon operations. Amogy has demonstrated technical viability through the successful sailing of the NH3 Kraken, an ammonia-powered tugboat. In January 2025, Amogy raised $56 million in venture financing co-led by existing investor Aramco Ventures and new investor SV Investment, with participation from Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, Seoul Investment Partners, and returning investors including Temasek, MOL Switch, Yanner Ventures, AP Ventures, and Marunouchi Innovation Partners. The company subsequently expanded this fundraise by securing an additional $23 million in July 2025 from Korea Development Bank and KDB Silicon Valley LLC, bringing the total from this round to $80 million and total funding since inception to nearly $300 million. Management indicated the capital would accelerate commercialization in stationary power generation and maritime applications, with commercial deployments expected by 2026, while supporting expansion into Asian markets. The company's strategic investors span energy majors, shipping and industrial companies, and development banks, reflecting confidence in ammonia-based solutions for industrial decarbonization.
Jun 2023Series BMitsubishi Heavy Industries; Mitsubishi$11M-Amogy is a provider of emission-free, energy-dense ammonia-to-power solutions founded in 2020 by four MIT PhD alumni. The company develops ammonia-powered systems for heavy-duty transportation and maritime applications, with the goal of decarbonizing these sectors. In June 2023, Amogy closed its Series B-2 funding round of $11 million, which brought the total Series B funding to $150 million when combined with the Series B-1 round of $139 million announced in March 2023. The Series B-2 round included participation from Marunouchi Climate Tech Growth Fund, Mitsubishi Corporation, Mitsubishi Heavy Industries America, and Synergy Marine. Amogy planned to deploy the funding for commercialization, manufacturing of its ammonia-to-power technology, and bringing its first product to market in 2024. By June 2023, the company had demonstrated its technology in a drone, heavy-duty tractor, and semi truck, and was retrofitting a tugboat to become the world's first ammonia-powered vessel. The company was backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, and AP Ventures.
Mar 2023Series BSK Innovation (lead); Temasek; Yanmar Ventures; Korea Zinc; Zeon Ventures; MOL PLUS; DCVC; AP Ventures; Aramco Ventures$139M-Amogy develops ammonia-to-power technology for zero-carbon solutions in maritime shipping, heavy-duty transport, stationary power generation, and hard-to-abate sectors. The technology cracks liquid ammonia into hydrogen, which powers fuel cells and electric motors, demonstrated in drones, tractors, semi-trucks, and maritime vessels. In March 2023, Amogy raised $139 million in its Series B-1 round led by SK Innovation, with participation from AP Ventures, Aramco Ventures, DCVC, Korea Zinc, MOL PLUS, Temasek Holdings, Yanmar Ventures, and Zeon Ventures, followed by a $11 million Series B-2 to reach $150 million total Series B. Funds supported organizational development, manufacturing startup, and commercialization targeting first product market entry in 2024. Subsequent fundraises included $56 million in January 2025 (co-led by Aramco Ventures and SV Investment, with Samsung Heavy Industries, BHP Ventures, and others), bringing total raised over $270 million, followed by an additional $23-24 million in July 2025 (co-led by Korea Development Bank and KDB Silicon Valley), expanding that round to $80 million and total funding near $300 million. These later rounds reportedly valued Amogy at $700 million. Amogy has formed partnerships with SK Innovation, GS E&C, HD Hyundai Infracore, Samsung Heavy Industries, Mitsui O.S.K. Lines, and others for scaling maritime and land-based systems. Key milestones include a carbon-free ammonia-powered vessel demonstration in September 2024 and a planned 40MW ammonia power facility in Pohang, South Korea, for 2028-2029 operation. The company operates from Brooklyn, New York, with offices in Texas, South Korea, Norway, and Singapore, backed by investors like Amazon’s Climate Pledge Fund and Mitsubishi Corporation.
Jun 2022Strategic investmentAmazon; SK Innovation; Newlab; AP Ventures; Aramco Ventures$46M-Amogy Inc., founded in 2020 by four MIT Ph.D. alumni, develops emission-free, energy-dense ammonia-to-power technology to decarbonize heavy-duty transportation sectors like trucking and maritime shipping. The company announced a $46 million bridge funding round on June 23, 2022, led by SK Innovation, with participation from Amazon’s Climate Pledge Fund, AP Ventures, Saudi Aramco Energy Ventures, and Newlab. This capital followed successful demonstrations of ammonia-powered zero-emission farming tractors and aerial drones, with proceeds aimed at scaling the technology for applications including an 18-wheel tractor-trailer and ocean cargo ships to eliminate fossil fuels in supply chains. Amogy's ammonia power systems are lightweight, compact, and highly efficient, targeting reduction of roughly five billion metric tons of CO2-equivalent emissions by 2040 to support net-zero goals by 2050. Prior to this round, the company had received investments from similar backers including DCVC. The bridge financing accelerated commercialization efforts in high-emission industries. Later developments show Amogy's growth, including a Series B-1 raise of $139 million noted in some coverage around early 2022-2023, an upsized Series B to $150 million, and a 2025 round increased to $80 million co-led by Korea Development Bank, bringing total funding to nearly $300 million with a new valuation high. These post-date the queried 2022 bridge round and involve additional investors like Mitsubishi Corporation and Samsung Heavy Industries, with expansions into stationary power and Asian markets following milestones like the world's first ammonia-powered maritime vessel in 2024.
Dec 2021Series AAmazon; DCVC; AP Ventures$20M$93MAmogy is a developer of ammonia-based emission-free, high energy-density power solutions for decarbonizing global transportation. Founded in 2020, the company has developed proprietary miniaturized ammonia processor technology that converts ammonia to power on-board vehicles, enabling zero-carbon long-range travel across shipping, aviation, and other heavy-duty transport applications. Amogy announced the close of its Series A funding round on December 14, 2021, led by AP Ventures, a London-headquartered venture capital firm specializing in hydrogen technologies, alongside new investor Amazon's Climate Pledge Fund and existing investor DCVC. The Series A raised $19.25 million and valued Amogy at $92.94 million post-money. Proceeds were designated to advance the company's first commercial demonstration and product for ammonia-powered shipping, with a partnership commitment from Amazon to develop an ammonia-powered clean cargo vessel. The company has since grown substantially, raising a total of approximately $300 million across multiple subsequent rounds and achieving a significantly higher valuation by 2025, with investors expanding to include SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and Korean institutions.
Mar 2021SeedSamarthya Investment Advisors; DCVC; Collaborative Fund; AP Ventures; Vertical Partners$3M-Amogy develops ammonia-based emission-free, high energy-density power solutions for zero-emission mobility, particularly targeting heavy-duty transportation and decarbonization of hard-to-abate sectors like maritime shipping. The company, founded in 2020 by MIT PhD alumni, announced a major funding round on June 10, 2021, led by AP Ventures, with participation from DCVC, Collaborative Fund, and investor Shaun Arora. Proceeds supported the first commercial demonstration of ammonia-powered clean mobility. In December 2021, Amogy closed a Series A funding round led by AP Ventures, joined by Amazon’s Climate Pledge Fund and DCVC, to advance commercialization of its ammonia-to-power technology for shipping and transport applications, including a demonstration of an ammonia-powered cargo vessel in partnership with Amazon. The investors listed—AP Ventures, Collaborative Fund, DCVC, Samarthya Investment Advisors, and Vertical Partners—align with Amogy’s early 2021 funding activities focused on advancing its miniaturized ammonia processor technology for long-range, emission-free travel. No specific round size or valuation details for the exact September 2021 combination were detailed.

Who has invested in Amogy?

25 investors have backed Amogy across its funding rounds, including AP Ventures, DCVC, Aramco Ventures, Amazon, SK Innovation and Temasek.

Lead investors include GS Engineering, KDB Silicon Valley, Korea Development Bank, Aramco Ventures, SV Investment and 1 other investor.


Amogy Investors

Investors in Amogy by funding rounds participated
InvestorHQRoundsRoleFirst check
AP VenturesUnited KingdomLondon4ParticipantMar 2021
DCVCUnited StatesUnited States3ParticipantMar 2021
Aramco VenturesSaudi ArabiaDammam3LeadJun 2022
AmazonUnited StatesSeattle, WA2ParticipantDec 2021
SK InnovationSouth KoreaSeoul2LeadJun 2022
TemasekSingaporeSingapore1ParticipantMar 2023
Yanmar VenturesJapanOsaka1ParticipantMar 2023
Korea ZincSouth KoreaSouth Korea1ParticipantMar 2023
GS EngineeringSouth KoreaSeoul1LeadNov 2025
Zeon VenturesUnited StatesSan Jose, CA1ParticipantMar 2023
BonAngels Venture PartnersSouth KoreaSeoul1ParticipantJul 2025
Korea Development BankSouth KoreaSeoul1LeadJul 2025
NewlabUnited StatesNew York City, NY1ParticipantJun 2022

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Amogy Competitors

Amogy competitors include listed companies like Array Technologies and Canadian Solar, and private ones like Fulcrum Bioenergy, HIF Global, Climeworks and Arbor Energy.

Public and private companies comparable to Amogy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Fulcrum BioenergyUnited StatesSan Francisco, CAPrivate--$603M-
HIF GlobalChileSantiagoPrivate--$600M-
ClimeworksSwitzerlandZurichPrivate--$1.1B-
Arbor EnergyUnited StatesLos Angeles, CAPrivate--$340M-
Array TechnologiesUnited StatesUnited StatesPublicly listed$1.3B$34M$650M1.1x
Canadian SolarUnited StatesUnited StatesPublicly listed$5.6B$546M$798M1.5x

Amogy Public Comps

Amogy is still privately-owned, but its public comps include Hallador Energy, Voltalia, GeoPark, Mogan Enerji, Shizuoka Gas Co, Hyliion, EnQuest, VAALCO Energy, Vulcan Energy Resources and Vitesse Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hallador Energy$469M$99M1.6x1.6x7.4x14.7x
Voltalia$677M$163M5.0x4.8x20.9x13.9x
GeoPark$493M$208M2.1x1.9x5.0x3.5x
Mogan Enerji$223M$105M3.0x1.8x6.3x3.4x
Shizuoka Gas Co$1.3B$153M0.5x0.5x4.3x4.3x
Hyliion$3M($60M)192.1x60.8x(11.2x)(13.9x)
EnQuest$1.1B$894M1.4x1.3x1.7x2.5x
VAALCO Energy$359M$92M2.5x2.1x9.7x4.7x

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Common questions about Amogy

When was Amogy founded?Amogy was founded in 2020.
Where is Amogy headquartered?Amogy is headquartered in New York City, NY, United States.
Is Amogy publicly listed?No, Amogy is a private, VC-backed company.
What is Amogy's valuation?Amogy was last valued at $700M in its undisclosed-stage round in July 2025.
How much funding has Amogy raised?Amogy has raised $313M across 8 funding rounds.
What was Amogy's last funding round?Amogy's last funding round was a $15M Series A in November 2025, led by GS Engineering.
Who are Amogy's investors?Amogy's investors include AP Ventures, DCVC, Aramco Ventures, Amazon, SK Innovation, Temasek, Yanmar Ventures, Korea Zinc, GS Engineering, Zeon Ventures and 15 others.
Which companies are comparable to Amogy?Companies comparable to Amogy include Fulcrum Bioenergy, HIF Global, Climeworks, Arbor Energy, Array Technologies and Canadian Solar.

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