What is Amogy?
Founded in 2020 by a team of MIT PhD alumni, Amogy is at the forefront of the clean energy transition. The company specializes in the development of ammonia-to-power systems that offer high energy density, making them an ideal candidate for replacing diesel in heavy-duty applications such as shipping, trucking, and industrial machinery. Unlike traditional battery-electric solutions that face limitations in weight and range, Amogy’s technology utilizes ammonia as a stable, transportable, and carbon-free fuel source. This unique value proposition has attracted significant interest from global energy conglomerates and venture capital firms, cementing the company's status as a critical player in the global decarbonization landscape.
How much funding has Amogy raised?
Amogy has raised a total of $264M across 4 funding rounds:
Other Financing Round
$46M
Series B
$139M
Other Financing Round
$56M
Debt
$23M
Other Financing Round (2022): $46M with participation from Saudi Aramco Energy Ventures, SK Innovation, AP Ventures, Newlab, and Climate Pledge Fund
Series B (2023): $139M led by SK Innovation, Temasek, ARaMCo Venture Management, and Korea Zinc
Other Financing Round (2025): $56M supported by Saudi Aramco Energy Ventures, Sv Investment, Hanwha Investment & Securities Co., Ltd, Samsung Heavy Industries, AFW Partners, BHP Ventures, and Quantum Ventures Korea
Debt (2025): $23M featuring BonAngels, JB Atlantic Investment Holding, Korea Development Bank, and Citizen Pathway Investment
Key Investors in Amogy
Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures (SAEV) is the corporate venturing program of Aramco Ventures, focusing on global investments in start-ups with technologies of strategic importance to the energy and chemicals sector.
SK Innovation
Established in 1962, SK Innovation is a prominent South Korean petroleum refining company that actively invests in energy transition technologies to diversify its industrial portfolio.
AP Ventures
AP Ventures is a London-based venture capital firm specializing in the hydrogen value chain, targeting high-growth technology companies that contribute to global decarbonization and sustainable energy goals.
What's next for Amogy?
With the recent influx of $23M, Amogy is entering a pivotal phase of commercialization and infrastructure development. The company’s strategic roadmap focuses on scaling its manufacturing capabilities and expanding its footprint in international markets, particularly within the maritime and heavy-duty logistics sectors. By utilizing this latest round of financing, Amogy aims to optimize its power-conversion systems for mass production while continuing to forge partnerships with global energy leaders. As the regulatory environment shifts toward stricter emissions standards, Amogy is well-positioned to capitalize on the growing demand for scalable, zero-emission alternatives, ensuring its technology becomes a cornerstone of the global energy transition.
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