WATT Fuel Cell, a developer and manufacturer of advanced solid oxide fuel cell systems, announced the closing of its latest equity financing round, supported by both existing and new investors. Financial terms of the round were not disclosed.
The financing will provide WATT with additional capital to expand its team, increase production capacity, and advance customer deployments, including its previously announced agreement with Hope Gas for WATT HOME residential fuel cell systems, which the company describes as the largest residential fuel cell program in the United States. WATT HOME combines WATT’s fuel cell technology with battery storage and inverter systems to provide residential backup power, designed to maintain essential home loads during extended outages while using homeowners’ existing natural gas or propane infrastructure. WATT’s proprietary additive manufacturing process has enabled the company to produce commercially viable solid oxide fuel cell products for small-scale and remote power applications, and its Hybrid Power Management system is designed to work alongside solar and wind power sources and energy storage.
KEY QUOTES:
“WATT HOME is the next generation of home generators. The days of loud traditional engine-based solutions, angry neighbors and HOA’s, and the monthly chorus of exhaust notes next door are numbered. This funding empowers us to drive commercial execution and fast-track the next phase of WATT’s growth.”
Caine Finnerty, President and Chief Executive Officer, WATT Fuel Cell
“Hope Gas partnered with WATT because WATT HOME offers a practical and innovative way to strengthen energy reliability for our customers. We are excited to see WATT’s growth to support this important deployment.”
Morgan O’Brien, CEO, Hope Gas
