News Summary

Brooklyn-based startup Amogy has raised $80 million, bringing its valuation to $700 million, to advance its ammonia-to-power technology. The funding round was led by the Korea Development Bank and KDB Silicon Valley LLC, with contributions from BonAngels Venture Partners, JB Investment, and Pathway Investment. Amogy’s technology, which focuses on Asian markets like Japan and South Korea, aims to replace fossil fuels with ammonia in power generation and shipping. The startup’s process involves extracting hydrogen from ammonia to generate electricity without NOx emissions. Amogy is also developing power plants for terrestrial customers, including data centers, with the first systems expected to generate power in the next few years.