WATT Fuel Cell Completes Round of Financing, Expands Board of Directors
WATT Fuel Cell Corporation reported the closing of additional growth capital. The investment will be used to expand manufacturing through the purchase of equipment, expansion of the manufacturing facility and hiring of additional engineering, production and administrative staff. This will allow WATT to fulfill its backlog and support new orders as sales efforts escalate over the next several months.
Additionally, WATT would like to announce Morgan O'Brien, President and CEO of Peoples Gas, has joined the Board of Directors. A 25-plus year veteran of the energy industry, Mr. O'Brien has been leading energy innovation across the Pittsburgh region through his commitment to improve processes and infrastructure and to bringing new technologies to market that will make customers' lives better while actively contributing to a cleaner environment.
"The partnership between WATT Fuel Cell and Peoples Gas is an opportunity to marry the incredible natural resource sitting beneath our feet in this region and the amazing innovation and technology development that is defining the future of how people live in our country - which is also happening right here in our region," said Morgan O'Brien, CEO of Peoples.
"Years from now, WATT's fuel cell technology will be seen as a major advancement in allowing families to have the cleanest, most responsible energy possible in their homes at an economic price that everyone can afford,” concluded O’Brien.
Under Mr. O'Brien's leadership, Peoples Gas was one of the first development partners of WATT Fuel Cell. The two companies are working together to bring WATT's technology to Western Pennsylvania area homes later this year, opening up the residential market for WATT Fuel Cell. Mr. O'Brien's vision for the future of energy, and his track record of success so far, along with his commitment to innovation and sustainability align with the future path for WATT Fuel Cell.
"Peoples relationship with WATT and Morgan's personal drive have already been assets for us," said Dr. Caine Finnerty, President of WATT. "We are thrilled to have him on our Board and know he will contribute to our success in many more ways in the future."
This round of financing and Mr. O'Brien's position on the WATT board are important milestones as WATT prepares to fulfill its first orders of their solid oxide fuel cell product, the Imperium Hybrid Power Management System.