MOUNT
PLEASANT, Pa., Dec. 7, 2022
/PRNewswire/ -- WATT Fuel Cell is excited to announce an
investment from Generac Power Systems, a market leader in
residential energy technology. The new investment closes 2022 with
growing momentum toward commercial launch of fuel cell-driven power
for homeowners. As a part of the transaction, a member from the
Generac executive team will join the WATT board of
directors.
"This partnership with Generac is a major step forward for WATT
as we begin addressing the world's need for clean, reliable and
cost-efficient energy sources in an increasingly disruptive
marketplace," said Caine Finnerty,
WATT's president, chief operating officer and founder. "Generac is
the market leader in residential backup power, with a proven and
growing brand built on the promise of dependable power for homes in
the US and beyond. Partnering with and investing in companies with
market leading energy-based technologies like WATT will maintain
and extend that lead," he added.
"Generac is excited to join WATT's existing investor base and
looks forward to collaborating with the WATT team towards the
integration of this innovative technology into the Generac Home
Energy Ecosystem," said Patrick
Forsythe, chief technical officer at Generac. "We assessed
the global fuel cell industry and were impressed by the
technological advancements the WATT team has made."
The new investment caps a year of significant developments for
WATT's business, including:
- Partnership with EQT and Peoples Gas to create a natural
gas-fueled electric power service offering for the utility's
residential customers.
- Achievement of significant efficiency gains through the
development of new fuel processing technology and cell components
produced using WATT's proprietary additive manufacturing process.
This further reduced the already minimal CO2 emissions
from its combustion-free power production.
- ETL certification of WATT's 1500W ImperiumR Solid
Oxide Fuel Cell System to operate on either natural gas or liquid
propane gas, which puts the system in compliance with North
American safety standards.
- Planned expansion of its production capabilities.
- Participation with several regional groups/coalitions that are
pursuing funds from the Inflation Reduction Act to establish
hydrogen hubs – positioning WATT fuel cells as a key element in the
development of clean tech hydrogen-based energy ecosystems.
WATT's Imperium fuel cells make power using an electrochemical
process that generates electricity from hydrogen molecules and
other electrochemically oxidizable species derived from one of
several readily available fuel options such as propane, natural
gas, blended natural gas and hydrogen, or hydrogen.
WATT's fuel cell technology is solid-state simple: fuel goes in,
clean, reliable power flows out.
"This investment by Generac further propels the viability of
WATT's fuel cell power generation technology and gives us an
exponential boost as we approach our launch into the residential
market," said Rich Romer, CEO of
WATT. "In today's world of rising energy costs, growing disruptions
and threats to the reliability of the power grid, and the need to
for lower-carbon energy, WATT will help lead the continued drive
for technology and innovation to address those issues."
About WATT Fuel Cell
Corp.
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.
About Generac
Generac Power Systems, Inc. (NYSE: GNRC) is a leading
energy technology company that provides advanced power grid
software solutions, backup and prime power systems for home and
industrial applications, solar + battery storage solutions, virtual
power plant 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 - a market in which nearly eight
of ten generators sold is a Generac. The company is committed
to sustainable, cleaner energy products poised to revolutionize the
21st century electrical grid.
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SOURCE WATT Fuel Cell