Pioneer of carbon-free, energy-dense ammonia solutions joins the ranks of previous honorees including Nvidia, YouTube, Taco Bell and more
Brooklyn, NY— March 19, 2024 — Amogy, provider of mature, scalable and efficient ammonia-to-power solutions, has been named to Fast Company’s prestigious list of the World’s Most Innovative Companies of 2024.
This year’s list shines a spotlight on businesses that are shaping industry and culture through their innovations. These organizations are setting new standards and achieving remarkable milestones in all sectors of the economy. Alongside the World’s 50 Most Innovative Companies, Fast Company recognizes 606 organizations across 58 sectors and regions.
Amogy is helping to decarbonize hard-to-abate sectors such as shipping, long-haul transportation, and power generation by using ammonia, the world’s second most produced chemical, as a clean fuel. The company was founded in 2020 and develops innovative technology to efficiently separate, or crack, ammonia into its two base elements — nitrogen and hydrogen — which are then feed into a fuel cell to generate electricity. Its founders, PhD alumni from the Massachusetts Institute of Technology (MIT), built Amogy around this proprietary ammonia-cracking solution.
Amogy has successfully demonstrated its ammonia-to-electrical power technology in a drone (2021), a commercial farm tractor (2022) and a semi-truck (2023). The company is now working on retrofitting the world’s first ammonia powered tugboat, set for its maiden voyage later this year.
“Now, perhaps more than ever, organizations across all sectors of the economy need to consider the value of clean energy as part of their five- and ten-year plans. And for many of them, ammonia is now an extremely viable option,” said Seonghoon Woo, CEO and co-founder of Amogy. “The world already knows how to safely produce, transport and store ammonia, and with our technology, we can turn it into an energy-dense source of clean power. We are thrilled to be recognized by Fast Company for our work towards making heavy industries greener, resilient and more sustainable.”
To date, Amogy has raised over $220 million in funding, from investors, including Amazon’s Climate Pledge Fund, Mitsubishi Corporation, and SK Innovation. The company is retrofitting a manufacturing facility in Houston, Texas, marking a major milestone on the path to commercialization and cementing its commitment to the global energy transition.
The World’s Most Innovative Companies stands as Fast Company‘s hallmark franchise and one of the year’s most anticipated editorial efforts.
Fast Company‘s editors and writers identified the companies driving progress around the world and across industries, evaluating thousands of submissions through a competitive application process. The result is a globe-spanning guide to innovation today, from early-stage startups to some of the most valuable companies in the world. Fast Company’s Most Innovative Companies package is available online, as well as in-app form via iTunes, and on newsstands beginning March 26.
“Our list of the Most Innovative Companies is both a comprehensive look at the innovation economy and a snapshot of the business trends that defined the year,” said Fast Company editor-in-chief Brendan Vaughan. “We saw extraordinary innovation across the board in 2023, but we also saw a handful of clear patterns: the growing footprint and impact of AI, the triumphant return of live events, and great leaps forward in climate tech. We face daunting challenges on many fronts, but the solutions we celebrate in MIC give me plenty of hope about the future.”
About Amogy
Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors such as maritime, power generation, and heavy industry. 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 at five times the energy density of lithium batteries.
Amogy is headquartered in Brooklyn, New York, with additional locations, including Houston, Texas, Nordbøgaten, Norway, and Singapore. Amogy is backed by investors, including Amazon’s Climate Pledge Fund, Temasek, SK Innovation, Aramco Ventures, Mitsubishi Corporation and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit www.amogy.co.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
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