Energous Receives Regulatory Approval in South Korea for WattUp PowerBridge Transmitters

Rhea-AI Summary

Energous Corporation (NASDAQ: WATT) announced the approval of its 1W WattUp PowerBridge transmitter technology in South Korea for unlimited wireless power distance transmission catering to IoT applications. This technology is designed to support various next-gen IoT solutions, such as smart tags and sensors, enhancing Energous' global wireless power ecosystem. The approval follows several global certifications this year, as Energous aims to leverage strong IoT growth in Korea, targeting trendsetting OEMs. The technology allows simultaneous charging of multiple devices, positioning Energous competitively in the expanding IoT market.

Positive

• Approval of 1W WattUp PowerBridge technology in South Korea for unlimited distance wireless power transmission.
• Enhances Energous' position in the growing global market for IoT applications.
• Supports simultaneous charging of multiple devices, promoting diverse next-gen IoT solutions.

Negative

• None.

Approval for unlimited distance transmission expands the reach of Energous’ global ecosystem of wireless power transfer technology for 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 technology has been approved in South Korea for unlimited wireless power distance transmission for IoT applications. Energous’ WattUp PowerBridge supports wireless power transfer for multiple next-generation applications including smart tags, electronic shelf labels, sensors, asset trackers and more.

1W WattUp PowerBridge Transmitter (Graphic: Business Wire)

Energous’ regulatory approval in South Korea follows a wave of global approvals for Energous’ technology this year that expand the reach of its rapidly growing global ecosystem of wireless power transfer technology, with similar certifications in the United States, Europe, China, India, Canada, Australia and New Zealand. Energous’ global approvals are driven by the company’s expertise, semiconductor portfolio, antenna technology, and solution flexibility, and collectively open these markets for Energous’ technology, its customers and partners, with retail store deployments already in place in Australia.

“Energous has established a leadership position in wirelessly powering the IoT ecosystem, as the regulatory approvals of our WattUp PowerBridge technology continue to expand across the globe,” said Cesar Johnston, CEO of Energous. “With this latest approval in Korea, where growth of IoT deployments is strong and projected to continue expanding, Energous is able to now target the major trendsetting OEMs in Korea for our technology.”

Energous’ 1W WattUp PowerBridges are capable of charging multiple devices simultaneously at-a-distance via RF-based wireless power over the air, enabling manufacturers to design cordless, batteryless and fully waterproof sensors, smart tags, asset trackers and other IoT applications that can be deployed in industrial, retail, enterprise, and healthcare markets. They can send power to, and also act as a data link for, connected IoT devices, the number of which analyst firm IDC projects to more than triple over the next three years from about 12 billion devices today to almost 40 billion by 2025. IDC also forecasts IoT spending in the Asia Pacific region to grow at over 12% annually, reaching $437 billion by 2025, with China, Korea, and India accounting for more than three-fourths of overall IoT spending in the region.

To learn more about Energous, please visit Energous.com or follow the company’s corporate pages on Twitter, Facebook and LinkedIn.

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/20221206005011/en/

Energous Corporate Communications:

Gordon Bell

gbell@energous.com

Energous Investor Relations:

Padilla IR

IR@energous.com

Source: Energous Corporation

FAQ

What is the recent approval for Energous Corporation (WATT)?

Energous Corporation recently received approval for its 1W WattUp PowerBridge technology in South Korea, allowing unlimited wireless power transmission for IoT applications.

How does Energous’ PowerBridge technology benefit IoT applications?

The PowerBridge technology enables the simultaneous charging of multiple devices at a distance, allowing for batteryless and waterproof IoT devices.

What does the global expansion mean for Energous (WATT)?

The global expansion through various regulatory approvals allows Energous to target key markets and OEMs, enhancing its competitive position in the IoT space.

What market trends support the growth of Energous (WATT)?

Strong growth in IoT deployments and projected increases in IoT spending in the Asia Pacific region support Energous’ market opportunities.