From invoices to the recent reconciliation bill, newly established climate technology businesses face a rapidly changing landscape. Brooklyn -based Amogy has managed to avoid the upheaval caused by US policy, keeping its eyes on more promising foreign markets.
Amogy-to-Power’s tech and its focus on Asian markets, including Japan, South Korea and Singapore, helped her land a new $ 23 million funding. The round, which brings its latest head to $ 80 million, increases the company’s $ 700 million valuation, co -founder and CEO Seonghoon Woo said. The round was driven by Korea Development Bank and KDB Silicon Valley LLC involving Bonangels Venture Partners, JB Investment and Pathway Investment.
Amogy is mainly based on the US, but the start has found the demand for its basic technology in Japan and South Korea, countries looking for new ways of expanding electricity production.
“They do not have such high quality solar, wind and geothermal resources, and they are not really in the best position to build a single nuclear energy,” Woo said.
Ammonia is widely used as a component of vegetable fertilizers. It can also serve as what experts call hydrogen carrier. Normally, hydrogen is difficult to carry – it is flammable and prone to leaks – but a hydrogen carrier such as ammonia makes it easier.
In an effort to reduce carbon pollution, Asian countries have begun to burn ammonia at existing fossil fuel power stations. Usually, operators will replace some ammonia coal.
Shipping companies have begun to do the same, replacing diesel with the Union. Ammonia has found fertile ground in this industry because the International Maritime Organization, which regulates shipping, is going to start carbon tax Starting in 2027.
But in any place where Ammonia burns-whether it is a power plant or an ocean vessel-it must have at least some fossil fuels next to it. This makes complete savings impossible.
Amogy has developed a way to completely replace fossil fuels using ammonia as fuel. First, the company breaks three hydrogen atoms from each nitrogen. It then sends the hydrogen to a fuel cell, which produces electricity and water vapor, while releasing clean nitrogen in the air.
Because there is no burning, the company’s process does not release nox pollution, which can create a cloud and cause a Health problems.
The start had previously tried its technology on a trailer and is still on the right track to develop a commercial scale on a ship until the next two years. But Amogy also develops an electricity plant that will provide power to ground customers, including data centers. The first of its kind will begin to create power over the next two years, Woo said.
The first systems will be on the smallest side, capable of producing 500 kilowatt in an electricity megawatt, although customers can develop enough to produce more power.
Woo said Amogy’s shift to Japan and South Korea is coming at a time when countries are starting to develop their ammonia infrastructure. By the end of the decade, carbon power stations in both countries are expected to use some ammonia in their activities.
Initially, ammonia will probably come from the US and the Middle East, where hydrogen -bound to cheap natural gas is used to become the union. Asian countries are regulation standards How much carbon pollution can occur from ammonia production. As a result, it is likely that producers will have to capture at least one of the carbon in order to be able to sell in these markets.
But below the line, Woo said, hope is to go to green hydrogen sources to create ammonia. The Asian countries, Woo said, “See ammonia basically as the next LNG, but without carbon.”
