Generac Acquires Equity Stake in WATT Fuel Cell
December 07 2022 - 8:00AM
Generac Power Systems, Inc. (NYSE: GNRC) (“Generac”), a leading
global designer and manufacturer of energy technology solutions and
other power products, today announced a minority equity investment
in WATT Fuel Cell Corp (“WATT”), a leading developer and
manufacturer of low emissions Solid Oxide Fuel Cell ("SOFC") stacks
and systems. WATT’s Imperium™ fuel cell makes power with no
combustion and low emissions, using an electrochemical process that
generates electricity from hydrogen molecules derived from one of
several readily available fuel options such as propane, natural
gas, or hydrogen.
Generac and WATT plan to collaborate on the design and
development of low-emission solutions supporting the resiliency
needs of Generac’s customers. The companies will combine WATT’s
highly reliable, low-emission technology with Generac’s clean
energy portfolio of products, which includes microinverters and
battery storage system solutions.
“We are excited about this investment in WATT Fuel Cell and look
forward to collaborating towards the integration of this advanced
technology into the Generac Home Energy Ecosystem,” said Patrick
Forsythe, chief technical officer at Generac. “The combination of
highly efficient fuel cells with solar and energy storage, provides
a low-carbon solution for homeowners seeking resilience and energy
independence.”
“Generac is the perfect partner to assist us in accelerating the
development and commercialization of our fuel cell power generation
technology,” said Caine Finnerty, president and co-founder of WATT.
“Generac’s strong expertise in residential home resiliency and
clean energy products will provide access to a national base of
installation partners, thereby accelerating the path to a low
carbon future. We look forward to all the incredible opportunities
this partnership will provide.”
As a part of the investment, a member of the Generac executive
team will join the WATT board of directors. The investment closed
on November 23, 2022.
About Generac
Generac is a leading energy technology company that provides
backup and prime power systems for home and industrial
applications, solar + battery storage solutions, smart home energy
management devices and energy services, advanced power grid
software platforms and engine- and battery-powered tools and
equipment. Founded in 1959, Generac introduced the first affordable
backup generator and later created the category of automatic home
standby generator. The company is committed to sustainable, cleaner
energy products poised to revolutionize the 21st century electrical
grid.
About WATT Fuel Cell
WATT Fuel Cell Corp (www.wattfuelcell.com) is a manufacturer and
developer of Solid Oxide Fuel Cell ("SOFC") stacks and systems that
operate on common, readily available fuels such as propane and
natural gas. WATT's proprietary, patented additive manufacturing
process (AMP) has allowed them to produce commercially viable SOFC
products for small scale and remote power applications. WATT's
Hybrid Power Management system works in tandem with renewable power
sources (Solar & Wind) and energy storage to provide quiet,
efficient, affordable, and environmentally responsible energy
solutions prioritizing a return on investment for customers across
the globe.
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Contact: Tami KouTami.Kou@Generac.com262-544-4811 Ext. 3950
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