Amogy, a company presenting ammonia as an emission-free fuel source, has raised USD 139 million in a Series B-1 funding round led by SK Innovation. This brings the company’s total funding to USD 208.3 million.

Amogy intends to use the funds to continue its organizational development to support commercialization, begin manufacturing its ammonia-to-power technology, and bring its first product to market in 2024.

Founded in 2020, Amogy was created by four MIT Ph.D. alumni who discovered ammonia has the potential to be an environmentally-friendly, high-performance fuel alternative for the heavy-duty transportation industry. The company’s ammonia-to-power technology feeds liquid ammonia through its cracking modules integrated into a hybrid fuel cell system to then power electric motors. The company has successfully tested the fuel on a semi-truck and intends to fuel a tugboat in 2023, following which it plans to present its first commercial offering in 2024.