Upstart Power has received investment from Enphase Energy, Sunnova Energy International and Rodger Capital, to accelerate the development of its fuel cell technology.
The company yesterday (16th Dec) made the announcement which will help the team bring its fuel cell Upgen platform to market scale and support the clean energy transition in the US.
As part of the investment, T.J. Rodgers, CEO of Rodgers Capital, Jeff McNeil, Chief Operating Officer of Enphase Energy, and John Santo Salvo, Executive Vice-President 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, Executive Vice-President 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 Berger, CEO of Sunnova.
“Sunnova is at the centre of creating and managing the new distributed power systems in the US, 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.