News Summary

• Ammonia-to-power startup Amogy has raised $23 million in new funding.
• The round increases the company’s valuation to $700 million.
• The company is developing a way to fully replace fossil fuels using ammonia as a fuel.
• Ammonia is most widely used as a component of plant fertilizers; it can also serve as what experts call a hydrogen carrier.
• But in any place where ammonia is burned, it needs to have at least some fossil fuel combusted alongside it.