Energy Innovation: Amogy Secures $80M for Sustainable Maritime and Data Center Solutions
news
2 min read
Amogy Raises $80M to Power Ships and Data Centers with Ammonia
Brooklyn-based startup Amogy has secured a significant $80 million in funding, further solidifying its commitment to developing innovative solutions for sustainable energy. In an effort to decarbonize the maritime industry and power data centers, the company is harnessing the potential of ammonia as a clean fuel source.
According to CEO Seonghoon Woo, Amogy’s technology has garnered significant attention from Asian markets, including Japan and South Korea. The startup has managed to secure $23 million in its latest funding round, which will be used to further develop its product. This brings the company’s total funds raised to a whopping $80 million, with an increased valuation of $700 million.
The funding round was led by the Korea Development Bank and KDB Silicon Valley LLC, alongside participation from other prominent investors such as BonAngels Venture Partners, JB Investment, and Pathway Investment.
Amogy’s innovative approach revolves around converting ammonia into hydrogen fuel through a process that breaks three hydrogen atoms off each nitrogen atom. This is then sent to a fuel cell, generating electricity and water vapor while releasing pure nitrogen back into the atmosphere. The absence of combustion in this process eliminates the risk of NOx pollution, which can have devastating effects on human health.
The startup has already successfully tested its technology on a tugboat and plans to deploy a commercial-scale system on a ship within the next couple years. Moreover, Amogy is also developing a power plant capable of providing electricity to data centers.
The company’s focus on Asian markets is particularly noteworthy, as it aligns with countries’ strategies to incorporate ammonia in their energy infrastructure. By 2030, coal-powered plants in Japan and South Korea are expected to utilize some portion of ammonia in their operations. Initially, the compound will be produced from inexpensive natural gas in the US and Middle East; however, Woo emphasized that the goal is to transition to green sources of hydrogen in the future.
Asian nations view ammonia as a promising alternative to liquefied natural gas (LNG), as it does not contribute to carbon emissions.
Source: techcrunch.com
