| The Launch and Vision of Amogy

Amogy, founded by four Korean alumni from MIT in Brooklyn, USA, has garnered significant attention in both across domestic and international industrial sectors by attracting approximately $317 million in investments within a short period since its inception. Could you provide a detailed introduction to the background of Amogy's founding, the company's vision, recent technological developments, and key business and technological achievements?

Amogy is an energy technology startup co-founded in November 2020 in Brooklyn, New York, by four Korean alumni who met during their doctoral studies at MIT, led by CEO Seong-Hoon Woo. The founders recognized the urgency of global decarbonization and the lack of practical alternatives for industrial sectors such as shipping, heavy manufacturing, and distributed generation that are challenging to electrify with existing battery technologies. They identified ammonia (NH₃), a carbon-free chemical with high energy density and an established global infrastructure, as a promising next-generation fuel and established Amogy with the vision of efficiently converting ammonia into carbon-free energy.

The core of Amogy's technology platform is its efficient ammonia cracking technology. This process effectively decomposes ammonia (NH₃) into hydrogen (H₂) and nitrogen (N₂), allowing the generated hydrogen to be directly injected into hydrogen engines or fuel cells without separate storage, thereby enabling ammonia-based power generation that emits zero carbon dioxide. Amogy offers a complete ammonia-to-power solution by integrating ammonia cracking, power generation, and control systems, optimized as a modular system applicable to both land and marine uses. Additionally, the company is developing and providing high-performance, large-scale ammonia cracking catalyst technology for medium- to large-scale industrial hydrogen production and hydrogen turbines.

To demonstrate the scalability and practical applicability of its technology, Amogy has successfully carried out several world-first demonstrations. After showcasing technology in drones in 2021, tractors in 2022, and semi-trucks in 2023, the company unveiled the world's first carbon-free ammonia-powered vessel, the NH₃ Kraken, in 2024. This vessel's demonstration is regarded as a major technological milestone achieved prior to full-scale commercialization. Over the course of five years since its foundation, Amogy has attracted about $317 million in investments from global investors such as Amazon, Aramco, Temasek, SK, MOL, Samsung Heavy Industries, and Mitsubishi Corporation, generating significant interest from global industrial partners, governments, and investors.

Currently, Amogy is transitioning from a technology validation phase to a full-scale commercialization phase. In 2025, the company completed its product testing and manufacturing facility, ATHENA, in Houston, Texas, which is now operational. Starting in 2026, Amogy plans to supply various products to the market, including a 40MW distributed energy project in Korea, a decarbonization project for data centers in Singapore, and a carbon-free large-scale hydrogen production project based on ammonia in Japan.

"Through strategic collaborations with various industrial enterprises, Amogy is establishing itself as a global leader in ammonia-based carbon-free power generation."

| Combustion-Free Ammonia Powerpacks

Amogy's ammonia reforming (cracking) and fuel cell-based power pack solutions: how do they compare technically and competitively with existing internal combustion engines, ammonia engines, and third-party fuel cell systems? Please specifically explain advantages in catalyst technology, system efficiency, modularization, and scalability.

Amogy's ammonia reforming (cracking) and fuel cell-based power pack solutions fundamentally differ from existing internal combustion engines, ammonia combustion engines, and third-party hydrogen fuel cell systems due to their non-combustion electrochemical power generation structure and economically viable ammonia-based hydrogen supply.

In comparison to ammonia combustion engines, Amogy's technical competitiveness lies in its ability to circumvent the inherent limitations of ammonia combustion itself. Ammonia is a fuel characterized by complex combustion control due to its low flame propagation speed and instability, which often results in significant ammonia slip and high NOx emissions.

As a result, most ammonia engines require pilot fuels like diesel, which limits the system's complete carbon-free potential and necessitates complex post-combustion emission treatment systems as environmental regulations tighten. Additionally, continuous maintenance is required for combustion engines during operation. Considering ammonia's toxicity, this can create further burdens in long-term operation and safety management. In contrast, Amogy's ammonia reforming plus fuel cell system generates no carbon dioxide emissions due to the absence of combustion processes and complies with the IMO Tier III NOx emission standards without requiring separate exhaust gas treatment devices. From a maintenance perspective, Amogy's system requires minimal routine upkeep and only necessitates catalyst replacement every 4-5 years, allowing for unmanned operation during normal periods. This not only enhances operating efficiency but also provides significant advantages in safety management.

When compared to existing hydrogen fuel cell systems, Amogy's key differentiating factor is the resolution of hydrogen storage and transportation issues through ammonia. Compressed or liquefied hydrogen faces significant limitations in storage, transport, and infrastructure, resulting in high fuel prices. In contrast, ammonia has a well-established global industrial infrastructure and high energy density as an economical fuel. Recently, green ammonia produced from 100% renewable energy, matching the price of traditional fossil fuel-based gray ammonia, has started to enter the market, accelerating the introduction of environmentally friendly ammonia. The existing ammonia storage and supply infrastructure, particularly around major ports, also offers a significant competitive edge for initial market entry.

In terms of catalyst technology, Amogy's ammonia reforming performance is based on catalyst activity, reactor design, impurity tolerance, and long-term performance stability. Amogy's catalyst can achieve high ammonia conversion rates even at reaction temperatures 200-300°C lower than existing commercial alternatives, thus reducing equipment scale and material requirements and simultaneously lowering both initial capital costs (CAPEX) and operating costs (OPEX).

Regarding system efficiency, Amogy uses ammonia as a high energy density hydrogen carrier, combining an ammonia cracking system (85–90% thermal efficiency) with fuel cells achieving over 50% electrical conversion efficiency to achieve superior overall efficiency compared to combustion-based systems. Moreover, the system is designed to effectively offset energy losses through waste heat recovery, heat transfer optimization, and optimizing the Balance of Plant (BoP) configuration to minimize parasitic loads from an entire shipboard system perspective.

Finally, in terms of scalability, Amogy's technology is optimized for modular expansion using standardized containers, making it highly advantageous for product commercialization. Modular-based expansion can be quickly applied across various platforms and output ratings, simplifying large-scale manufacturing and providing redundancy and ease of maintenance in operations.

"For applications requiring large-scale outputs of several megawatts, parallel expansion of modules is more practical than relying on a single large piece of equipment, allowing service replacements and upgrades without system redesign."

| NH₃ Kraken: Demonstration and Key Insight

In the process of applying ammonia power packs to actual ships through the NH₃ Kraken project, what technical and operational challenges have been encountered, and how has Amogy overcome them? Additionally, if there are further improvement strategies for the application of large vessels, please explain those as well.

The NH₃ Kraken project represents the world's first demonstration of a vessel operated solely on ammonia-based power packs, bringing with it various technical, operational, and regulatory challenges. Through this project, Amogy has not only overcome these challenges but also derived essential lessons and directions for future applications in larger vessels.

From a safety and regulatory perspective, a comprehensive HAZOP analysis led by DNV was conducted for the NH₃ Kraken project. Collaboration with the U.S. Coast Guard and local emergency response agencies laid the groundwork for establishing safety standards and response systems for ammonia-fueled vessels. This experience will be invaluable for advancing safety design in future marine partnerships and commercial projects. While stringent and comprehensive safety protocols were implemented on the demonstration vessel, some procedures were found to be impractical or inefficient in actual vessel operating environments. Thus, Amogy plans to incorporate feedback from actual operators and field personnel in future safety system implementations to ensure both safety and practicality.

Technically, the specific electric and control system requirements tailored for the marine environment posed key challenges. Marine applications necessitate strict criteria for zone classification, explosion-proof design, and redundant systems for remote operation. The NH₃ Kraken project equipped Amogy with practical expertise in selecting equipment suitable for hazardous zones, wiring design, and control system configuration, which will play a crucial role in enhancing safety standards for power pack commercial deployment and ammonia-powered vessels in the future.

Regarding fuel supply (bunkering) safety, the NH₃ Kraken project established important precedents. Conducted over two years in close cooperation with the U.S. Coast Guard, particularly the SECNY New York jurisdiction, the project developed customized bunkering and maritime demonstration plans reflecting additional safety measures suitable for ammonia characteristics based on existing LNG/LHG protocols. This process involved obtaining Regulatory waivers and institutional adjustments to meet the safety standards set by the U.S. Department of Transportation, the Occupational Safety and Health Administration, the Environmental Protection Agency, and the Department of Homeland Security. This collaboration and successful bunkering demonstration mark a crucial starting point for the widespread adoption of ammonia fuel.

Additionally, for future applications in larger vessels, Amogy is enhancing system standardization and modularity based on lessons learned from the demonstration. The company aims to enhance the operational ergonomics and intuitive design of safety systems while expanding collaboration with shipyards and owners from the initial design phase. The goal is to provide a reliable and efficient ammonia power pack solution for large vessels exceeding several megawatts of output.

| Strategic Response to IMO-EU Regulations

What are the environmental and economic advantages of Amogy's ammonia power pack in line with international environmental regulations (such as IMO and EU)? Additionally, if Amogy has established safety measures and management plans regarding the human and environmental hazards of ammonia fuel, please provide specific details.

Amogy's ammonia power pack solution complies with increasingly stringent environmental regulations spearheaded by the International Maritime Organization (IMO) and the European Union (EU), while also offering substantial environmental and economic benefits that can effectively reduce the financial burden on shipowners. Furthermore, safety measures and management plans addressing the potential human and environmental hazards of ammonia fuel have been systematically established throughout the design, operation, and fuel supply processes.

Firstly, regarding IMO's greenhouse gas (GHG) regulations, the organization has applied strengthened greenhouse gas reduction targets to all deep-sea vessels effective from July 2023. These targets aim for a 20% reduction by 2030 compared to 2008 levels, a 70% reduction by 2040, and achieving net zero emissions by 2050. Amogy's ammonia power pack, when combined with green ammonia produced from renewable energy, enables a structure that produces zero-carbon power generation structure across the value chain when green ammonia is utilized, thus fundamentally aligning with the medium- to long-term IMO GHG regulations.

In terms of air pollution regulations, Amogy's technology is competitive as it meets the most stringent air pollution standards, IMO Tier III, without the use of exhaust after-treatment devices (SCR). Consequently, vessels utilizing Amogy’s technology have the operational flexibility to seamlessly operate within all Emission Control Areas (ECAs) worldwide.

Regarding the EU ETS (Emission Trading Scheme), Ships of 5,000 gross tonnage(GT) above will be subject to the EU ETS beginning in January 2024. The emissions trading obligation will apply to 100% of routes within the EU and 50% for routes entering or leaving the EU, with the emission allowance price was approximately €80 per ton in 2024, rising to around €100 by 2026. Existing marine fuels produce over three tons of CO₂ per ton, potentially resulting in additional costs exceeding €300 per ton of fuel. When using Amogy's technology in conjunction with green ammonia, shipowners can reduce operational costs as there will be no obligation to purchase EU ETS allowances, fundamentally eliminating long-term carbon tax risks.

Under the FuelEU Maritime regulation that began in July 2023, vessels are required to reduce the GHG intensity of energy used on board by 2% starting in 2025, ultimately reaching an 80% reduction by 2050. Starting in 2030, the use of shore power or zero-emission auxiliary power will also be mandatory at major ports. Failure to comply with these regulations incurs fines of €2,400 per ton based on existing fuel standards, equivalent to about €800 per ton in CO₂e taxes. Amogy's ammonia power pack can serve as zero-emission auxiliary power, effectively addressing this regulation.

Concerning the potential human and environmental hazards of ammonia fuel, Amogy has built a safety-first design and operational framework through the NH₃ Kraken project. Multiple HAZOP analyses were conducted during the vessel design phase to identify potential risks. Measures such as setting up hazard zones, implementing fire protection designs, and employing double-walled piping and high-performance ventilation systems were effectively applied and demonstrated. Furthermore, fire and gas detection systems, along with sulfuric acid scrubbers, were utilized to control discharges and enhance operational safety. During demonstrations, crew members were trained in systematic emergency response procedures and equipped with personal protective equipment (PPE), ensuring documented safety checks and response capabilities before operations.

"This real-world experience will serve as a crucial asset for the safe integration of Amogy's technology into large vessels."

| Modularization of Ammonia Power Solutions

What technical and engineering challenges has Amogy faced in the scaling up and modularization of ammonia power packs for vessels, and what are Amogy's unique strategies and approaches for overcoming these challenges?

The scaling up and modularization of ammonia power packs for vessels involves complex challenges beyond mere output increase; it requires achieving technical reliability, cost competitiveness, and commercialization simultaneously. Amogy has approached this multifaceted challenge by focusing on several key strategic levers during the transition from initial demonstration phases to the first commercial products.

Firstly, in terms of value engineering, Amogy actively leverages data accumulated through demonstrations and pilot operations to simplify designs. By eliminating unnecessary complexity based on field data and reflecting R&D outcomes in the design, Amogy is optimizing system structures while maintaining performance, thus enhancing cost-effectiveness.

Secondly, supply chain optimization is a priority. Amogy continuously expands its global network of suppliers, and as production scales up, the negotiation power in component procurement contracts also strengthens. This allows for stable sourcing of key components while simultaneously reducing costs.

Thirdly, Amogy actively reflects learning curve effects from a manufacturing perspective. As production increases, the know-how accumulated in the manufacturing process is reincorporated into the design, leading to improved processing efficiency and suitable product structures for mass production. This foundation is crucial for the stable repetitive production of modular power packs.

Fourthly, in the context of reducing costs for hydrogen fuel cells and related key components, input costs are gradually decreasing as the hydrogen fuel cell market matures. Amogy actively leverages these market changes to enhance the overall cost structure of its systems.

One key driving force that accelerates these strategies is the strategic partnership with Samsung Heavy Industries (SHI), a leading global shipbuilding company, which has recently made headlines in domestic media. Amogy and SHI signed a manufacturing contract in the second half of 2025 for a distributed generation ammonia-power system, whereby SHI will be responsible for contract manufacturing. Additionally, in January 2026, a joint development agreement was signed to collaboratively develop a vessel product combining Amogy's ammonia reformer and fuel cells.

Through this partnership, Amogy can rapidly scale up production to commercial levels while utilizing SHI's quality control capabilities and global supply chain expertise accumulated in the shipbuilding sector. Moreover, as a strategic investor in Amogy, SHI and Amogy are jointly developing multi-year technical and business roadmaps applicable to both land and marine power solutions, which will ensure the stable and economical scaling and modularization of ammonia power pack solutions.

| Fuel Cost Price Stability

What are the main advantages of Amogy's ammonia power packs in terms of economic viability and efficiency when applied to actual ships, compared to existing internal combustion engines and ammonia engines? Please detail the competitiveness of Amogy's ammonia-to-power system in terms of quantitative and qualitative indicators such as CAPEX, OPEX, system efficiency, and LCOE.

Amogy's ammonia power packs present a substantial competitive advantage over existing internal combustion engines and ammonia combustion engines concerning economic viability and efficiency when applied to actual ships. However, it is important to note that factors such as individual vessel design conditions, operating patterns, and fuel procurement methods can lead to variations in CAPEX, OPEX, system efficiency, and LCOE, making it challenging to disclose specific quantitative figures that are sensitive to customer operations.

Nonetheless, Amogy's ammonia-to-power system offers notable economic and operational strengths from an actual vessel application perspective, including:

Firstly, the significant potential to eliminate or substantially reduce GHG taxes and regulatory risks in the EU region. When Amogy's technology is utilized in conjunction with green ammonia, there is no obligation to purchase emission allowances under the EU ETS, substantially reducing uncertainty and financial risk related to the rising carbon prices for shipowners. This regulatory compliance advantage operates as a critical competitive factor from a total LCOE perspective, transcending simple fuel cost comparisons.

Secondly, operational flexibility in response to FuelEU Maritime regulations. The EU FuelEU Maritime regulations require vessels to use shore power or zero-emission auxiliary power while docked at major ports. Amogy's ammonia power pack can serve as zero-emission auxiliary power, which allows meeting regulations without depending on separate shore power infrastructure, reducing operational constraints due to infrastructure disparities at ports while leading to OPEX savings.

Thirdly, stable fuel pricing and supply availability. Compared to existing marine fuels, liquefied hydrogen, or synthetic fuels (e-fuel), ammonia is relatively inexpensive due to its already established global production, storage, and transportation infrastructure, thus facilitating the formation of a large-scale bunkering market. Additionally, recent commercial production of 100% renewable energy-based green ammonia at prices comparable to those of fossil fuel-based ammonia has started, which increases the predictability of long-term fuel procurement costs and lowers fuel supply risks.

"Overall, Amogy’s ammonia power packs deliver a meaningful competitive solution, not only in terms of direct equipment costs but also through regulatory compliance costs, operational flexibility, fuel supply stability, and total cost of ownership (TCO) and LCOE considerations."

| Amogy’s Future Outlook

Please discuss Amogy's mid-to-long-term strategies for the commercialization of marine fuel cell technologies and global market entry, including collaboration with shipyards and owners and significant partnership examples.

Amogy is pursuing a mid-to-long-term strategy aimed at commercializing marine fuel cell technologies and entering the global market. This strategy involves transitioning from initial demonstration and limited deployment phases to constructing standard marine products that allow for repeatable production.

A key driver of this mid-to-long-term strategy is a strategic collaboration with Samsung Heavy Industries (SHI), a globally recognized shipyard. Amogy and SHI are jointly developing Amogy's Next Generation Product (NGP), designed as a fuel cell-based power solution for vessels at approximately 1MW modular units. Amogy will provide ammonia reforming and system integration technologies, while SHI will leverage its expertise in vessel design and manufacturing to ensure the durability, reliability, and safety standards demanded in marine environments.

Additionally, through SHI's large-scale manufacturing capabilities and global supply chain management experience, a supply chain can be established that secures both quality and cost competitiveness for critical components of next-generation products. This will play a crucial role in accelerating the commercialization of marine fuel cell systems.

The two companies plan to conduct pilot demonstrations using this next-generation product on actual vessels by 2028 for auxiliary power applications, with a follow-up commercial rollout planned within one to two years. In the initial commercialization phase, the focus will be on the auxiliary power market, typically at around 2-3MW per vessel, alongside approximately 5MW for small main power applications. As Amogy's technology undergoes sufficient verification in commercial operating environments, the scope of application will gradually expand. In the long term, the company aims to offer ammonia-based fuel cell solutions that can provide the total propulsion power for large vessels exceeding 10-20MW by the mid-2030s.

"Through this phased commercialization strategy and close cooperation with shipyards and shipowners, Amogy aspires to lead the market in marine fuel cell technologies and establish itself as a premier global enterprise spearheading the decarbonization of the maritime industry."