Amogy, a Brooklyn-based startup, has raised $23 million in funding, bringing its total to $80 million, with a valuation of $700 million. The company focuses on ammonia-to-power technology and targets Asian markets like Japan, South Korea, and Singapore.
The funding round was led by the Korea Development Bank and KDB Silicon Valley LLC. Amogy's technology aims to replace fossil fuels by cracking ammonia into hydrogen and using it in fuel cells to generate electricity and water vapor.
Amogy is developing power plants for terrestrial customers, including data centers, with initial systems producing 500 kilowatts to one megawatt of electricity. Asian countries are looking to use ammonia in existing fossil fuel power plants and are developing ammonia infrastructure, viewing it as a carbon-free alternative to LNG.