WATT Fuel Cell Closes Financing Round Led by EQT

PR Newswire

MOUNT PLEASANT, Pa., Feb. 23, 2022 /PRNewswire/ — WATT Fuel Cell announced
today that it has closed a financing round led by EQT Corporation to continue
the company’s development and commercialization of its solid oxide fuel cell
technology. Other participants in the round included Senvest Management LLC,
Park West Asset Management LLC, and Emerald Development Managers LP. Financial
terms were not disclosed.

WATT Fuel Cell Closes Financing Round Led by EQT

As part of the agreement Toby Z. Rice, EQT’s president and chief executive
officer, will join WATT’s Board of Directors.

“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 makes power with no combustion and little or no
emissions, using an electrochemical process that generates electricity from
hydrogen molecules derived from one of several readily available fuel options
such as propane, natural gas, or hydrogen. WATT’s fuel cell technology is
solid-state simple: fuel goes in, clean, reliable power flows out.

“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.”

Williams Trading, LLC was engaged as an advisor for the transaction.

About WATT Fuel Cell Corporation
WATT Fuel Cell Corporation (www.wattfuelcell.com) is a leader in clean energy
technologies developing and producing combustion-free, low emissions Solid
Oxide Fuel Cell (“SOFC”) stacks and systems that operate on common, readily
available fuels such as natural gas and propane. WATT’s proprietary, patented
additive manufacturing process (AMP) enables it to produce reliable and
economically competitive power sources for residential, commercial/industrial,
recreational vehicle, marine, and other remote power applications.  In
addition, WATT’s Hybrid Power Management system works in tandem with wind and
solar power sources and energy storage to provide quiet, efficient,
affordable, clean energy solutions, with attractive returns on investment for
utilities and their customers, and commercial/industrial users seeking to
reduce their carbon footprint and other environmental impacts.

About EQT Corporation
EQT Corporation is a leading independent natural gas production company with
operations focused in the cores of the Marcellus and Utica Shales in the
Appalachian Basin. We are dedicated to responsibly developing our world-class
asset base and being the operator of choice for our stakeholders. By
leveraging a culture that prioritizes operational efficiency, technology and
sustainability, we seek to continuously improve the way we produce
environmentally responsible, reliable and low-cost energy. We have a
longstanding commitment to the safety of our employees, contractors, and
communities, and to the reduction of our overall environmental footprint. Our
values are evident in the way we operate and in how we interact each day –
trust, teamwork, heart, and evolution are at the center of all we do. To learn
more, visit eqt.com.

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