WATT Raises Additional Funding from Existing Investors and Appoints New Chairman of the Board
MOUNT PLEASANT, Pa., Feb. 15, 2017 /PRNewswire/ -- WATT Fuel Cell Corporation ("WATT" or the "Company") proudly announces that it has closed upon additional growth capital investments from existing shareholders in the form of a senior, secured convertible note. Simultaneous with the investment, the WATT Board of Directors has been reorganized, and Travis Bradford has been appointed Chairman of WATT's Board. In addition to his role on the Board, Bradford will assume a leading executive role in strategic planning, business development, and product commercialization.
"This investment is a huge step towards full commercialization of our technology," said Dr. Caine Finnerty, Ph.D., WATT's President and CEO. "This infusion of capital not only affirms our investors' excitement about the technology's potential, but gives WATT the resources to launch pilot manufacturing in 2017 as WATT begins taking and fulfilling initial commercial orders. WATT is actively pursuing commercial opportunities in the off-grid, marine, RV, military, communication, and residential markets. Having an executive of Bradford's caliber onboard will generate considerable momentum and accelerate the timetable for these efforts."
Bradford is an energy innovation expert, with experience as an investor, operator, and educator in the industry. He has previously worked as a partner at various public and private equity investment firms and has served as a board member of numerous publicly traded, private, and non-profit firms in the US and abroad. He has consulted and advised numerous companies on energy innovation strategy ranging from startups to Fortune 50 Companies. Currently, Bradford is the Director of the Energy and Environment Graduate program at the School of International and Public Affairs at Columbia University, a professor across the policy, business, engineering, and sustainability programs at Columbia, and the President of the Prometheus Institute, a non-profit foundation and incubator. Through the Institute, he has helped to launch many organizations in the energy space, including Greentech Media and the Carbon War Room.
"WATT has developed an extraordinary technology platform, and it presents a growing value proposition for customers in many market segments," Bradford remarked. "Whether used for backup generation, power management, long-term energy storage, or remote siting, this technology can be configured to meet a variety of customer needs. Robustness and cost have historically limited fuel cell deployment, and what WATT has done to overcome these challenges is exciting indeed."
The Company will be expanding its team of engineering and business professionals in the coming months. Further pilot program and partnerships announcements will be forthcoming. WATT welcomes any inquiries to see how its technology can support partner solutions. Please contact us at [email protected] for more information.
About WATT Fuel Cell Corporation
WATT Fuel Cell Corporation (www.wattfuelcell.com) is a developer and manufacturer of Solid Oxide Fuel Cell ("SOFC") stacks and systems that operate on common, readily available hydrocarbon fuels such as propane, natural gas, biogas, and liquid hydrocarbons, as well as hydrogen fuel. WATT's mission is to provide portable, quiet, light, efficient, affordable, and environmentally responsible energy solutions to a range of power markets with its superior hybrid power products and advanced manufacturing capabilities.
Founded in 2010, WATT commenced its product development and operations in Long Island, NY. In April 2014, the Company acquired veteran fuel cell developer, Pittsburgh Electric Engines Inc. ("PEEI"). During the summer of 2014, operations were expanded with construction of a state-of-the-art SOFC additive manufacturing production facility in Mt. Pleasant, PA, about an hour southeast of Pittsburgh.
SOURCE WATT Fuel Cell Corporation
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