MOUNT PLEASANT, Pa.–(BUSINESS WIRE)–WATT Fuel Cell (“WATT”), a developer and manufacturer of advanced solid oxide fuel cell systems, today announced the closing of its latest equity financing round, supported by both existing and new investors.
The financing provides WATT with additional execution 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. The program with Hope is the largest residential fuel cell program in the U.S.
“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,” said Caine Finnerty, President and Chief Executive Officer of WATT Fuel Cell. “This funding empowers us to drive commercial execution and fast-track the next phase of WATT’s growth.”
WATT HOME combines WATT’s fuel cell technology with battery storage and inverter systems to provide reliable residential backup power. The platform is designed to maintain essential home loads during extended outages while using the natural gas or propane infrastructure already available to homeowners.
“Hope Gas partnered with WATT because WATT HOME offers a practical and innovative way to strengthen energy reliability for our customers,” said Morgan O’Brien, CEO of Hope Gas. “We are excited to see WATT’s growth to support this important deployment.”
Backed by a deep patent portfolio and field experience across residential, remote, and recreational vehicle applications, WATT is advancing fuel cell systems designed for markets where reliability, resilience, and fuel flexibility are critical.
About Hope Utilities: Hope Utilities (www.hopeutilities.com) owns natural gas and water distribution utilities across eight states. We provide service to more than 200,000 residential, commercial, and industrial customers in the communities we serve. We currently operate natural gas utilities in West Virginia, Indiana, North Carolina, and Ohio; and water and wastewater utilities in Arizona, Michigan, and Texas. Hope’s growth strategy is built on being a trusted member of the communities we serve, providing our customers with safe, reliable, and cost-effective utility service. Learn more about Hope at HopeUtilities.com.
About WATT Fuel Cell: WATT Fuel Cell (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 it 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 and wind) and energy storage to provide quiet, efficient, affordable, and environmentally responsible energy solutions prioritizing a return on investment for customers across the globe.
Forward-Looking Statements
This press release contains forward-looking statements regarding WATT’s expected use of proceeds, production expansion, customer deployments, commercial opportunities, and future business plans. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. WATT undertakes no obligation to update these statements except as required by law.
Contacts
Media Contact:
Danielle Ramaley
Chief Commercial Officer
danielle.ramaley@wattfuelcell.com
724-547-9170
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