Toby Z. Rice, EQT’s President and Chief Executive Officer, to JoinWATT’s Board of Directors

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.

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.