WATT Fuel Cell announced the completion of a fundraising round led by EQT Corporation to support the company’s further development and commercialization of solid oxide fuel cell technology.
Senvest Management LLC, Park West Asset Management LLC, and Emerald Development Managers LP also participated in the round. The financial terms of the transaction were not disclosed.
Toby Z. Rice, president and chief executive officer of EQT, will join the WATT Board of Directors as part of the deal.
“This round of investment enables WATT Fuel Cell to continue our advancement and commercialization of residential fuel cells, while funding additional innovation to develop larger fuel cell units for the industrial market,” said Caine Finnerty, WATT president and chief operating officer. “It’s quite simple really: EQT is the largest natural gas producer in the United States, and our technology turns natural gas into clean affordable electricity. It’s a perfect fit and marks another major step toward combustion-free fuel cell power generation to customers across western Pennsylvania and beyond.”
“EQT is committed to delivering evolved energy that is cheaper, cleaner and more reliable. We believe fuel cells powered by natural gas are a critical component to achieving that mission,” said Mr. Rice. “WATT’s technology is part of ongoing energy innovation that will transform how and where we make electricity from a wide portfolio of fuels and solutions and is aligned with EQT’s vision for the role of natural gas in a clean energy economy.”
WATT’s Imperium fuel cell generates electricity without burning and emits little or no pollutants. It does so using an electrochemical mechanism that utilizes hydrogen molecules obtained from one of several widely available fuel sources, including propane, natural gas, or hydrogen. WATT’s fuel cell technology is solid-state simple: fuel is injected, and clean, dependable energy is produced.
“This investment underscores the viability of WATT’s fuel cell power generation technology and dramatically advances our efforts to commercialize it,” said Rich Romer, CEO of WATT. “Working with EQT provides WATT the opportunity to scale the business and play a significant role in efforts to accelerate a sustainable path to a low carbon future.”
