Brooklyn-based startup Amogy has successfully navigated U.S. political fluctuations by targeting foreign markets, particularly in Asia. Their ammonia-to-power technology has garnered them $23 million in funding, raising their total to $80 million and resulting in a valuation of $700 million. Key investors include the Korea Development Bank and various venture partners. Asian nations such as Japan and South Korea are adopting ammonia as a hydrogen carrier to replace fossil fuels in power generation and shipping, addressing their limited renewable energy resources and preparing for future carbon regulations.
Amogy's ammonia-to-power technology enables Asian countries, with limited renewable resources, to incorporate ammonia in power plants and shipping, providing a cleaner alternative.
The recent funding round of $23 million, led by Korea Development Bank, increases Amogy's valuation to $700 million, showcasing strong investor interest in clean technology.
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