Watt Fuel Cell Corp., a Pittsburgh-area clean tech firm, has raised more than $67.3 million from investors, according to a filing with the U.S. Securities and Exchange Commission.
Watt acknowledged the capital raise, by far the largest in its almost 12-year history, but provided scant details.
“Through a combination of both new and existing investors, Watt plans to use the funds for continued development and product commercialization,” Sarah DeWald, director of finance and operations, said via email.
She added the company plans to issue a more public statement in the coming weeks that will have further information.
The investors were not identified, but there were 27, according to the regulatory filing, which was dated Dec. 28.
It adds up to the second $67-plus million round confirmed in less than a week after a lackluster 2021 where just two local tech firms raised $20 million. On Jan. 7, RoadRunner Recycling, based in downtown Pittsburgh, closed on $70 million, raising the bar for 2022 deals.
Watt develops and manufactures solid oxide fuel cell (SOFC) stacks and systems that operate on hydrocarbon fuels such as propane, natural gas and diesel. It aims to provide energy solutions that are portable, quiet, efficient, affordable and environmentally responsible to a range of power markets. Its ceramic-based micro-tubular SOFCs operate at high temperatures, enabling operation on commercial fuels. Watt developed a proprietary manufacturing technique called the additive manufacturing process, which is similar to 3D printing, creating an entire fuel cell tube using automated printing processes.
Last February, Watt said it had developed a new and advanced hybrid fuel cell system for residential use as part of its collaboration with Peoples Natural Gas. Called Imperium, the system “cleanly and efficiently converts natural gas to electricity through an electrochemical reaction, turning a home into a clean power micro-grid,” according to the release Watt issued. Imperium “can be integrated with solar generation and battery storage, creating a hybrid system that flexes to the needs of the customer and the grid.”
Founded in 2010, Watt was originally based in Long Island, New York, but four years later acquired Mt. Pleasant-based Pittsburgh Electric Engines Inc. and relocated its headquarters to Westmoreland County, where it built a manufacturing production facility.
According to its website, Watt currently employs 24 and plans to expand its management team with an undisclosed number of hires in business development, production and sales.
