Upstart Power Announces Investment for Residential Fuel Cell Technology from Clean Tech Leaders
SOUTHBOROUGH, Mass., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Upstart Power, Inc. announced today the participation of Enphase Energy, Inc. (NASDAQ: ENPH), Sunnova Energy International Inc. (NYSE: NOVA) and Rodgers Capital, LLC, a California limited liability company, in an investment that will enable Upstart to continue the development of its groundbreaking fuel cell technology. This highly reliable, low emission technology will work in conjunction with solar and battery storage systems in residential applications, forming a highly resilient microgrid.
As part of the investment, T.J. Rodgers, CEO of Rodgers Capital, LLC, Jeff McNeil, Chief Operating Officer of Enphase Energy, and John Santo Salvo, EVP of Channel Operations and Chief Procurement Officer of Sunnova, will join Upstart’s board of directors. Raghu Belur, Co-founder and Chief Products Officer of Enphase Energy and Kris Hillstrand, EVP of Technology and Service Operations of Sunnova, will be appointed as board observers.
“Upstart Power is focused on replacing internal combustion engine (ICE) generators in backup and off-grid applications,” said Paul Osenar, President and CEO of Upstart Power. “Fuel cell technologies can provide lower cost, lower emissions, and higher reliability than ICE generators. The continued support from Sunnova with new investment from Enphase Energy and Rodgers Capital will allow us to scale our product development and manufacturing teams and bring the innovative Upgen platform to the market at scale.”
“We are excited to continue building our partnerships with leading-edge technology firms to bring innovative energy technologies to market for our customers,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Sunnova is at the center of creating and managing the new distributed power systems in the United States, and fuel cells are expected to be a part of these new energy systems and solutions as we power energy independence."
“We are pleased to invest in Upstart Power and look forward to integrating fuel cells into the Ensemble™ energy management platform, allowing homeowners to achieve full energy independence,” said Badri Kothandaraman, President and CEO of Enphase Energy. “The combination of fuel cells with solar and battery storage systems helps to ensure that a home is powered even during extended periods of inclement weather and low solar production, bringing peace of mind to our customers.”
“I have worked for over a decade with fuel cells and can now see a solid market opportunity for residential fuel cells to service backup and off-grid applications,” said T.J. Rodgers, CEO of Rodgers Capital, LLC. “I am impressed with Upstart’s compact residential fuel cells and look forward to working with its talented team.”
About Upstart Power, Inc.
Upstart Power’s mission is to design and produce market-disruptive, solid oxide fuel cell (SOFC) generators that are dependable, carbon efficient, and virtually silent. Focused on residential and commercial applications, our systems work collaboratively with intermittent renewable sources like solar and fill in when those sources are unavailable to provide 24-7-365 power. For more information, visit www.upstartpower.com.
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