Energous 1W WattUp PowerBridge Receives Regulatory Approval in Canada for Unlimited Distance Wireless Charging

Rhea-AI Summary

Energous Corporation (Nasdaq: WATT) has received regulatory approval for its 1W WattUp PowerBridge transmitter in the US, Canada, Europe, and India. This approval facilitates the expansion of their wireless power networks across various sectors, including retail and medical IoT applications. Market analysis projects a surge in IoT devices from 9 billion this year to over 25 billion by 2030, highlighting a significant market opportunity. The WattUp technology enables simultaneous charging of multiple devices, positioning Energous to capitalize on the growing demand for efficient power solutions.

Positive

• Regulatory approval for 1W WattUp PowerBridge transmitter enhances market access in major regions.
• Projects significant growth in IoT devices, providing a vast market opportunity for wireless power solutions.
• WattUp technology allows for simultaneous charging of multiple devices, catering to diverse industries.

Negative

• None.

Award-winning technology has now received regulatory approval in the U.S., Europe, India and Canada, opening global wireless power networks for retail, industrial, medical and other IoT applications

SAN JOSE, Calif.--(BUSINESS WIRE)-- Energous Corporation (Nasdaq: WATT), a leading developer of RF-based charging for wireless power networks, today announced that its 1W WattUp PowerBridge transmitter has received regulatory approval from the Innovation, Science and Economic Development Canada (ISED), the country’s technology regulatory body, for RF-based power transfer at any distance. The approval in Canada follows similar recent 1W WattUp PowerBridge approvals in the U.S., Europe and India, and expands Energous’ reach of its growing global ecosystem of wireless power transfer technology ideal for IoT deployments in markets such as retail, industrial and medical.

1W WattUp® PowerBridge Transmitter from Energous Corporation (Graphic: Business Wire)

“Approval from regulatory bodies is critical to the rollout of wireless power networks and the approval of our 1W WattUp PowerBridge in Canada opens up yet another market in North America and expands the reach and ecosystem of our wireless power transfer technology,” said Cesar Johnston, CEO of Energous. “With our growing approvals, global reach and award-winning technology, Energous is well-positioned to support the rollout of wireless power networks that transform the way consumers and industries charge and power devices.”

Market analyst firm Statista forecasts the number of IoT devices to grow from approximately 9 billion this year to well over 25 billion by 2030, and IDC predicts that by 2025, IoT devices will deliver approximately 80 zettabytes of data, 6x the amount of data they did in 2019. Manufacturers of IoT devices, which to our understanding increasingly require more power due to their frequent location on the edge far from traditional power sources such as direct wires or batteries, are challenged with powering this growing ecosystem.

Capable of charging multiple devices simultaneously at-a-distance, WattUp PowerBridge transmitters from Energous send power to and can act as a data link for connected IoT devices such as sensors, Electronic Shelf Labels (ESLs), trackers, IoT tags, batteryless devices and more. Multiple WattUp PowerBridge transmitters can be meshed together to create a WattUp wireless power network covering unlimited distances for large footprint deployments such as retail stores, industrial warehouses, manufacturing plants, logistics hubs and more. The WattUp wireless power network provides consistent levels of power for IoT devices, while eliminating the costly need to manage and change out batteries or rely on restrictive wires and cables. This innovation ushers in a new reality of mobile, waterproof, smaller, maintenance-free and easier-to-implement devices.

WattUp is the only RF-based wireless charging solution with regulatory approvals in over 100 countries and has wireless charging solutions for both near-field as well as far field-charging. Last year, Energous’ 1W WattUp PowerBridge received regulatory approval for unlimited distance wireless charging in India, Europe and the U.S., to our understanding, three of the world’s largest markets and regions where growth rates of IoT deployments are projected to be mid-to-high over the next four years. Energous’ WattUp technology was also named a CES® 2022 Innovation Awards Honoree for two categories, Embedded Technology as well as Sustainability, Eco-Design & Smart Energy, given to select innovations out of over 1,800 submissions.

About Energous Corporation

Energous Corporation (Nasdaq: WATT) is the Wireless Power Network global leader. Its award-winning WattUp® solution is the only technology that supports both contact and distance charging through a fully compatible ecosystem. Built atop fast, efficient, and highly scalable RF-based charging technology, WattUp is positioned to offer improvements over older, first-generation coil-based charging technologies in power, efficiency, foreign device detection, freedom of movement and overall cost for industrial and retail IoT, smart homes, smart cities and medical devices. Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs, and provides worldwide regulatory assistance, a reliable supply chain, quality assurance, and sales and technical support to global customers. The company received the world’s first FCC Part 18 certification for at-a-distance wireless charging and has been awarded over 200 patents for its WattUp wireless charging technology to-date.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other similar terms. Examples of our forward-looking statements in this release include, but are not limited to, our statements about the future of the global wireless charging industry, statements based on third parties’ market analyses, statements about our technology and its expected functionality, statements about any governmental approvals we may need to operate our business, statements with respect to the potential total addressable market for our current technologies and future products and statements with respect to expected company growth. Factors that could cause actual results to differ from current expectations include: uncertain timing of any necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent annual report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q, as well as any other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005131/en/

Energous Investor Relations:

Padilla IR

IR@energous.com

Energous Public Relations:

SHIFT Communications

Darren Weiss

PR@energous.com

Source: Energous Corporation

FAQ

What recent regulatory approvals has Energous Corporation received for the WATT stock?

Energous Corporation has received regulatory approvals for its 1W WattUp PowerBridge transmitter in the US, Canada, Europe, and India.

How does the approval of WattUp PowerBridge affect Energous Corporation's market position?

The approval enhances Energous' market access and positions it to expand its wireless power networks in various sectors, including IoT applications.

What is the projected growth of IoT devices mentioned in the Energous press release?

Market analysts forecast that the number of IoT devices will grow from approximately 9 billion this year to over 25 billion by 2030.

What benefits does the WattUp technology provide for IoT devices?

WattUp technology enables simultaneous charging of multiple devices at a distance, eliminating the need for batteries or wired connections.

How does Energous Corporation's technology compare to traditional charging methods?

Energous' WattUp technology provides improvements in power efficiency and convenience over older, coil-based charging technologies.