WATT Fuel Cell, a developer of solid oxide fuel cell (SOFC) systems, has raised $2.9 million in venture capital, while planning to eventually raise a total of $8 million in the deal.
WATT Fuel Cell recently commenced operations and is building a pilot production line and has recently set up the fuel cell processing equipment and operations within the Port Washington facility. The location also offers expansion capabilities to fill the entire building of 33,000 square feet, according to the company.
The company says its SOFC systems will operate on many readily available hydrocarbon fuels such as natural gas, propane, JP-8, diesel, and various renewable fuels, providing energy for a range of applications in the portable power and distributed-generation energy markets.
Last year, WATT signed an agreement granting it an exclusive worldwide license to fuel cell technology intellectual property developed at NanoDynamics Energy. As part of the agreement, WATT Fuel Cell has established a joint venture with Solar Acquisitions Corp. to form Evolution Fuel Cell Inc., an entity licensed to develop the IP for applications up to 500 watts.