Hanwha Ocean, Amogy and Hanwha Aerospace Forge Partnership to Decarbonize Maritime Sector with Ammonia as a Zero-Emission Fuel

Hanwha Ocean, a global leader in deployment of green technologies in the maritime sector, Amogy, a provider of scalable and efficient ammonia-to-power solutions, and Hanwha Aerospace, a provider of highly durable and efficient hydrogen fuel cell system, are excited to announce a partnership aimed at accelerating the decarbonization of the maritime industry through the deployment of Amogy's zero-emission ammonia-to-power technology for ammonia-powered vessels.

Through their shared vision for a sustainable maritime future, Hanwha Ocean has signed a contract to purchase Amogy's ammonia-to-electrical power system including Hanwha Aerospace's hydrogen fuel cell system. The three companies will work together to deploy the technology, leading the way in driving industry-wide transformation. With the maritime sector facing increasing pressure to reduce carbon emissions, the partnership among Amogy, Hanwha Ocean and Hanwha Aerospace represents a timely and significant commitment to sustainable innovation.

"Our partnership with Hanwha Ocean and Hanwha Aerospace is a testament to our shared belief in the power of innovation to address some of the most pressing environmental challenges," said Seonghoon Woo, CEO at Amogy. "By combining our ammonia-to-power technology with Hanwha Ocean's industry-leading shipbuilding capabilities and Hanwha Aerospace's fuel cell system expertise, we are setting a new standard for clean energy in the maritime sector."

The collaboration is poised to deliver substantial environmental benefits, showcasing a scalable and impactful solution for reducing the maritime industry's carbon footprint. The use of ammonia as a zero-carbon fuel not only promises to significantly cut greenhouse gas emissions but also serves as a beacon for other sectors striving for sustainability.

"Ammonia stands out as an eco-friendly energy source including strengths in storage and transportation, it is also an important energy source of Hanwha Ocean's pioneering maritime decarbonization solutions. Through this partnership, and with Amogy's ammonia-to-electrical power system and Hanwha Aerospace's hydrogen fuel cell system, we move toward a more sustainable and carbon-neutral future, taking a significant stride forward," said Hyoung Seog Kim, Executive Vice President at Hanwha Ocean.

"As hydrogen fuel cell systems integrated with ammonia systems are essential for decarbonization in the marine industry, we will maximize synergy through this partnership with Hanwha Ocean and Amogy. This technology can play an important role in the net zero ecosystem for maritime transportation," said Seunghak Moon, Head of E-Propulsion System Business Group at Hanwha Aerospace.

About Hanwha Ocean

Hanwha Ocean, formerly known as DSME, was officially rebranded as a Global Ocean Solution Provider pioneering the global marine defense market based on ultra-gap technology and leading the ship market with various eco-friendly products and technologies in response to strengthening environmental regulations. Equipped with top-notch Shipyard facilities that span roughly 4.9 million square meters in Geoje, Hanwha Ocean produces high-quality ships and offshore plants. Moving forward, Hanwha Ocean is committed to utilizing advanced technology to provide solutions that will drive change and help the world fight climate change.

About Hanwha Aerospace

Hanwha Aerospace focus on developing core-technology that foster sustainable growth, improving human life, protecting our community and Earth.

For maritime application, the company develops ESS and Fuel Cell tailored to each application and key electrification parts based on ultimate stability and technological expertise, thereby enhancing SI capabilities for future mobility and propulsion system.

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, Stavanger, 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.