07 Dec 2022
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."
WATT Fuel Cell | www.wattfuelcell.com
Generac Power Systems | https://www.generac.com/