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Amogy Raises $80M to Power Ships and Data Centers with Ammonia
Brooklyn-based startup Amogy has secured a whopping $80 million in funding to revolutionize the way we generate power, particularly for maritime vessels and data centers. This significant investment brings the company’s valuation to a staggering $700 million, according to CEO Seonghoon Woo.
The funding round was led by the Korea Development Bank and KDB Silicon Valley LLC, with additional support from BonAngels Venture Partners, JB Investment, and Pathway Investment. Amogy aims to capitalize on the growing demand for ammonia-powered energy in Asia, particularly in Japan and South Korea.
According to Woo, these countries are actively developing their ammonia infrastructure, which presents a significant opportunity for Amogy’s innovative technology. The startup has already demonstrated its capabilities by successfully testing its system in a tug boat and plans to deploy commercial-scale systems on ships within the next couple of years.
Source: techcrunch.com
