Amogy Named to Fast Company’s Annual List of the World’s Most Innovative Companies of 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 fed 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.
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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.
Seonghoon Woo, CEO and co-founder of Amogy, said:
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.
“The world already knows how to safely produce, transport, and store ammonia. Amogy turns ammonia 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’sMost Innovative Companies package is available online, as well as in-app form via iTunes, and on newsstands beginning March 26.
Brendan Vaughan, Fast Company editor-in-chief, said:
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.
“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.”
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Amogy Named to Fast Company’s Annual List of the World’s Most Innovative Companies of 2024. source
