Source: Streetwise Reports 04/21/2020
Shares of Energous Corp. skyrocketed after the company reported that it received certification from the FCC for its new, “groundbreaking” over-the-air, power-at-a-distance wireless charging WattUp® technology.
Energous Corp. (WATT:NASDAQ) announced today that it has received a FCC certification under Part 18 for WattUp®, its new advanced over-the-air wireless charging transmitter. The company reported that “the new transmitter is based on a single advanced antenna and newly developed chip components with an innovative system architecture, which eliminates the use of beamforming techniques while passing applicable FCC regulatory health and safety standards.” The firm stated that it expects that its new smaller and cost-effective technology will make it easier for consumer electronic, automotive, industrial and medical manufactures to integrate based on WattUp’s simplified design.
The company’s President and CEO Stephen R. Rizzone commented, “We are extremely excited to have received FCC certification for our new, revolutionary over-the-air wireless charging technology. It was developed to meet the specific requirements from manufacturers looking to embed the WattUp wireless distance technology into devices such as smart speakers, access points, gaming consoles and other small form factor product applications to provide over-the air charging to smartwatches, fitness bands, smart glasses, sensors and other devices…This announcement and the WattUp-enabled distance charging products that we anticipate will follow from it will truly differentiate Energous from our competitors, furthering our position as the market leader and trailblazer for next generation wireless charging 2.0.”
The company explained that the transmitter integrates Energous’ DA4100 with its latest GaN-based power amplifier technologies and added that the advanced WattUp at-a-distance transmitter has been rigorously tested and has met all applicable regulatory and safety requirements. The firm said it regularly collaborates with its manufacturing customers and partners and anticipates making smaller-sized devices and adding new performance enhancements and features in the future.
Mark Tyndall, SVP of corporate development and strategy at Dialog Semiconductor, stated, “The ability to charge devices at a distance has always been the ultimate goal for Energous and will be a major differentiator…The newly certified advanced, at-a-distance technology announced today broadens the wireless charging capabilities we can offer our customers as Energous’ strategic partner and worldwide supplier of the WattUp technology.”
The company also mentioned that though is still expects to achieve quarter-over-quarter revenue increases, it is withdrawing the previous estimates that were announced earlier this year in February due to COVID-19 related general market effects on its business, customers and partners and also the recent bankruptcy filing by ZPower, which had been identified previously by the company as a prospective partner.
Energous Corp. is headquartered in San Jose, Calif., and states that “it is leading the next generation of wireless charging (“wireless charging 2.0″) with its award-winning WattUp® technology, which supports fast, efficient contact-based charging, as well as charging at a distance.” The company stated that its WattUp technology is “a scalable, RF-based wireless charging technology that offers substantial improvements in contact-based charging efficiency, foreign object detection, orientation freedom and thermal performance compared to older, coil-based charging technologies.” The firm designs and develops silicon-based wireless power transfer technologies and customizable reference designs, which include silicon chips, antennas and software for numerous applications in various products such as smartphones, fitness trackers and headsets and medical sensors. The company listed that it has received 222 patents for its WattUp wireless charging technology.
Energous Corp. began the day with a market capitalization of around $36.2 million with approximately 34.63 million shares outstanding and a short interest of about 13%. WATT shares opened more than 160% higher today at $2.73 (+$1.685, +161.24%) over yesterday’s $1.045 closing price. The stock has traded today between $2.45 and $4.17 per share and is currently trading at $3.13 (+$2.085, +199.52%).
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