Wedoany.com Report-Feb 6, New Office in Korean Tech Hub, Pangyo, Positions Clean Tech Innovator for Growth
NEW YORK & PANGYO, South Korea --Amogy, a provider of mature, scalable, and efficient ammonia-to-power solutions, today announced the expansion of its operations into South Korea with the opening of an office in the Pangyo Techno Valley. By establishing this formal presence in a key market, Amogy will be in close proximity to established investors and partners, including SK Innovation, Samsung Heavy Industries, HD Hyundai, Hanwha, SV Investment, Korea Zinc, and more. It also brings the company closer to key maritime and hydrogen technology supply chains, positioning it for growth and commercialization following the latest successful demonstration of its technology in a maritime vessel.
“Under the significant regulatory support for its hydrogen economy, South Korea’s network of world-class organizations in manufacturing, maritime, and hydrogen and ammonia technologies has already been instrumental in accelerating Amogy’s growth,” said Seonghoon Woo, CEO and co-founder of Amogy. “This expansion lays the foundation for even stronger roots in a region that will continue to be critical for Amogy as we bring our solutions to the market. Together with our partners and investors in the region, we are dedicated to advancing South Korea’s vision of carbon-free power and heavy industry decarbonization, driving its economic growth and leadership throughout the energy transition."
Korea’s status as an early adopter in ammonia and hydrogen fuel technologies, along with robust national policies that support the clean tech economy, was a major driver in Amogy’s decision to establish a local presence. In 2024, South Korea held the world’s first auction for electricity generation using hydrogen and ammonia under the Clean Hydrogen Production Standard (CHPS). The country is also advancing grid stability through the recently enacted Distributed Energy Act (DEA), which promotes distributed generation to meet growing power demands.
Additionally, home to three of the world’s leading shipyards, South Korea stands at the forefront of maritime innovation and the development of hydrogen technologies. As the largest market for fuel cell solutions in terms of total power output deployed and with a goal to commercialize ammonia-fueled power generation by 2030, South Korea is a key market for Amogy’s ammonia-based energy solutions.
Amogy’s new office in Pangyo will be led by Dr. Stone Zhang, Managing Director in Asia. Dr. Zhang will oversee key local partners and business development for the Asia Pacific region. Prior to Amogy, Dr. Zhang was with DNV where he gained over a decade of regional and global executive experience working across the maritime and energy value chains. Dr. Zhang has a Ph.D. in Marine and Offshore Engineering from Harbin Engineering University and an Executive M.B.A. from Rice University.
“Our entry into the South Korean market comes at a pivotal moment,” said Zhang. “With the help of transformative legislation like CHPS and DEA, Korea is projected to generate 2% of its electricity from hydrogen and ammonia by 2030, increasing to 7% by 2035. Building on this momentum, Amogy is partnering with leading innovators such as SK Innovation, HD Hyundai Infracore, Samsung Heavy Industries, and Hanwha to develop ammonia-fueled solutions for distributed power generation and maritime applications. This new office will enable closer collaborations across the local value chain with industry players who are just as invested as us in the decarbonization journey.”
In September 2024, Amogy completed the latest successful demonstration of its technology, sailing the world’s first carbon-free, ammonia-powered maritime vessel. Bolstered by a recently announced investment of $56 million in venture financing, the company is now advancing towards commercializing its solutions to achieve its mission of decarbonizing hard-to-abate sectors such as global shipping and power generation.
About Amogy
Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, as well as stationary power generation applications. Proven in real-world applications, its patented ammonia cracking technology is mature, scalable and a highly efficient method for splitting liquid ammonia, generating electrical power in combination with hydrogen fuel cells.
Amogy is headquartered in Brooklyn, New York, with additional locations including Houston, Texas, Norway, and Singapore. Amogy is backed by investors including Amazon’s Climate Pledge Fund, Temasek, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures.
