Marunouchi Innovation Partners Co., Ltd. through Marunouchi Climate Tech Growth Fund L.P. (collectively “MIP”), has made follow-on investment in Amogy Inc. (“Amogy”), a New York based startup which developed energy efficient cracking technology to extract hydrogen from ammonia. The fundraising round was co-led by existing investor Aramco Ventures and new investor SV Investment. Additional new investors participating in the round include Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, and Seoul IP, along with existing investors Temasek, MOL Switch, Yanmar Ventures, and AP Ventures.

This investment follows the Company’s latest demonstration of the world’s first carbon-free, ammonia-powered maritime vessel in September 2024. With the latest financing, Amogy will accelerate commercializing its technology in key markets including maritime shipping and stationary power generation and will continue strengthening its research and development efforts and manufacturing capabilities.

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Seonghoon Woo, Amogy CEO and Co-Founder：
“We tremendously appreciate MIP’s continued support as we bring our innovative ammonia-to-power technology to the market to enable the decarbonization of heavy industries. We’re invigorated by the strong validation we’re receiving from premier investors, representing a mix of industry who are supporting our rapid push towards commercialization. Our collaboration with MIP and its broader LPs in the past couple of years have been pivotal accelerating our growth, and we look forward to continuing the very strong collaboration with the MIP family in the coming years”

Ichiro Miyoshi, MIP CEO / CIO：
“We are very pleased to make the follow-on investment to assist Amogy in its journey to cultivate the market and achieve commercialization milestones. As a growth provider, we will continue to be part of Amogy as their technology and products support global decarbonization”

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Please click below to find a press release by the Company.
https://amogy.co/news/amogy-raises-56-million-to-bolster-commercialization-of-pioneering-ammonia-to-power-solutions