Amogy has announced plans to expand into South Korea after securing investment from major companies and regulatory support for hydrogen in the nation.
The ammonia-to-power solutions provider said it would open an office in Pangyo Techno Valley to bring it closer to investors and key maritime and hydrogen supply chains.
Last month the firm raised $56m in venture financing from investors such as Samsung, Hanwha, Seoul IP and others.
Read more:Maritime majors back Amogy’s ammonia-to-power tech in $56m raise
In a press statement, Amogy said South Korea’s early adoption of ammonia and hydrogen technologies, as well as its “robust” national policies, was a major driver in its decision.
The company has also been focusing on applying its catalyst and reforming ammonia cracking technology to maritime applications and will look to leverage the nation’s established shipyard and maritime industry.
Last September, Amogy’s technology was used to power a 1957 tugboat on a voyage down the Hudson River in the US.
Seonghoon Woo, Amogy CEO and co-founder, said South Korea’s policy support, manufacturing and maritime base had already been “instrumental” in the company’s growth.
“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,” he said.
The expansion plans also come amid uncertainty in Amogy’s US home market, which has seen much of its hydrogen funding policy suspended under the new Trump administration.
Read more:Hydrogen funding faces uncertainty as Trump suspends IRA and IIJA subsidies
The South Korean business unit will be headed by Dr. Stone Zhang.
“Korea is projected to generate 2% of its electricity from hydrogen and ammonia by 2030, increasing to 7% by 2035,” Zhang said. “This new office will enable closer collaborations across the local value chain with industry players who are just as invested as us in the decarbonisation journey.”
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