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Ammonia tech company Amogy has raised a $56 million bridge round, co-led by the VC arm of Saudi Arabia's Aramco, to help commercialize its tech.

Why it matters: The round shows that international energy companies have a growing interest in using ammonia as a fuel for maritime and industry.

Zoom in: Aramco Ventures is an existing investor. With the deal, Aramco Ventures' Investment Director Tibor Toth will join Amogy's board as a new member.

South Korean VC firm SV Investment also co-led the deal and was a new investor.

Other new investors included corporate investors Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, and Quantum Ventures Korea, as well as AFW Partners, Kibo Invest, and Seoul IP. 

Returning investors included Temasek, MOL Switch, Yanmar Ventures, AP Ventures, and Marunouchi Innovation Partners.

Amazon's Climate Pledge Fund and SK Innovation previously invested in the company. 

How it works: Amogy, based in Brooklyn, New York, has developed a reactor that uses catalysts to "crack" ammonia or split it into nitrogen and hydrogen. The hydrogen is then used to create electricity.

Amogy's tech can be integrated with systems to propel a boat or a truck or used as stationary power for industrial processes. 

Catch up quick: The company raised a $139 million Series B round in March 2023 and says it's now raised $270 million to date. 

In September at New York Climate Week, Amogy showed off an ammonia-powered tugboat on the Hudson River. 

Amogy says the company is collaborating with its first customers, in both shipping and distributed power-generation markets, to commercially deploy the tech in 2026.

The company plans to raise a Series C round in the coming years.

Reality check: Building new-generation tech for ammonia is a capital-intensive business. 

The big picture: Energy companies are looking at ammonia as a low-carbon way to fuel ships and provide power in certain markets like Japan and South Korea. 

Aramco Ventures co-leads Amogy's $56M round for ammonia fuel tech

Amogy will use the funds to help commercialize its tech by 2026.

A tugboat powered by ammonia completed its maiden took its maiden voyage on the Hudson River, upstream from New York City in September 2024

An ammonia-powered tugboat developed by startup Amogy took its maiden voyage on the Hudson River upstream from New York City in September. Photo: Courtesy of Amogy

Ammonia tech company Amogy has raised a $56 million bridge round, co-led by the VC arm of Saudi Arabia&#x27;s Aramco, to help commercialize its tech.Why it matters: The round shows that international energy companies have a growing interest in using ammonia as a fuel for maritime and industry.

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Aramco Ventures co-leads Amogy's $56M round for ammonia fuel tech

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