Author: Robyn

Upstart Power Announces $17M Series C Financing Round and New Strategic Partnership

ITOCHU Corporation leads round and becomes latest strategic partner

 Southborough, MA (November 17^th, 2022):  Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for on-demand backup power and distributed generation, announces the closing of a $17 million Series C financing.  The new funds will be used to accelerate the ongoing global commercialization of Upstart’s innovative Upgen™ platform of next-generation on-demand backup and grid-augmenting solid oxide fuel cell generators.

The round was led by ITOCHU Corporation as part of a new strategic engagement with Upstart, and included participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures.  In parallel to the Series C financing, Upstart Power and ITOCHU also entered into a commercial agreement to co-develop, manufacture, market, and sell Upstart’s SOFC products in Japan.

Mr. Hiroaki Murase, General Manager, Sustainable Energy Business Department, ITOCHU, commented: “We are excited about our partnership with Upstart Power, and we see tremendous synergies between Upstart’s on-demand SOFC generation platform and ITOCHU’s energy storage and solar products.  ITOCHU has extensive Grid 2.0 expertise with a deployed portfolio of over 50K residential solar and battery storage systems in Japan, networked into virtual power plants.  Upstart’s SOFC generators can augment these deployments to deliver comprehensive distributed energy solutions.  We look forward to launching Upgen SOFC generators into the Japanese market.”

Remarking on the strategic partnership with ITOCHU and the Series C financing, Dr. Paul Osenar, President and CEO, Upstart Power, said: “We are delighted to welcome ITOCHU as the newest member of the Upstart family.  We are pleased with the success of our ongoing fundraising efforts and are very appreciative of the ongoing financial and strategic support of our existing investors and commercial partners.  Japan is a very promising market for Upstart intermittent fuel cells.  We are looking forward to working with ITOCHU on accelerating the adoption of renewable energy, enhancing energy resilience, and helping to build a distributed, sustainable energy society.”

Upstart Power, in close collaboration with its commercial partners, is currently conducting advanced field trials of the Upgen™ NXG fuel cell system in preparation for a full commercial launch into the North American market in the second half of 2023.

About Upstart Power, Inc.

Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are dependable, sustainable, carbon efficient, and virtually silent.  The Upgen™ products from Upstart Power work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency.  Founded in late 2018, Upstart Power is a privately held company, funded by investors including Enphase Energy, Sunnova Energy and Rogers Capital.

For more information, visit www.upstartpower.com

About Itochu Corporation

The history of ITOCHU Corporation dates to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 150 years. With approximately 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas. For more information, go to: https://www.itochu.co.jp/en.

The Sun is setting on the Internal Combustion Engine, and not just in Automotive.

Upstart Power achieves key technical milestone with next-generation, solid oxide fuel cell generator, for on-demand operation in residential & small industrial backup applications.

Southborough, MA (July 12th, 2022):  Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for backup power and distributed generation, announces that its latest SOFC systems have achieved a major technical milestone – delivering over 1,000 complete on/off cycles.  This unique achievement by Upstart Power further validates that its innovative SOFC generator platform, protected by a robust patent portfolio, can deliver next-generation energy capabilities that are operationally valuable and superior to internal combustion generators.

Upstart has been pioneering the concept of high cycle SOFC systems specifically designed for intermittent operation, providing on-demand energy in collaboration with battery storage and solar power.

Using commonly available propane or natural gas, Upgen® SOFC generators provide critical backup or supplemental power when grid power is unavailable or renewable resources are insufficient.  Other commercial SOFC systems are designed to be always on (unable to cycle) and, therefore, are not suitable as a power source for applications that require intermittent operation such as backup power or grid services.

‘Unlike traditional SOFC systems that need to operate continuously, our Upgen SOFC generators are specifically designed and optimized for intermittent, on-demand operation, starting in under 30 minutes and cycling off reliably when no longer required,’ said Nate Palumbo, Chief Technology Officer at Upstart Power.  ‘Our rigorous and comprehensive testing protocols cover all key elements of the SOFC system including stack, reformer, ignition module, thermal management, and controls.’

Cleaner, safer, quieter, maintenance-free and significantly more efficient than legacy internal combustion engine generators, Upgen is the ideal complement to solar and battery storage in a home energy management system and ensures energy resilience and grid independence when the grid has failed (again!), the sun isn’t shining (enough!), and the batteries can’t keep up (with the home loads), said Georg Bettenhauser, VP of Business Development at Upstart Power. ‘For homeowners concerned with rising utility bills and increasingly frequent grid outages, solar and battery storage alone is like a four-foot blanket for a six-foot person … during prolonged grid outages with insufficient sunshine, some part of your lifestyle is not going to be covered.’

Upgen systems are currently in phase 2 trials at several customer sites in North America.  Upstart plans to commercially launch its next-generation Upgen NXG™ product in mid-2023 and to rapidly scale shipments through 2024 and beyond.  In the coming quarters, Upstart will continue to expand its commercial network of go-to-market partners across the solar, battery storage, and backup generation markets – please click here if there is interest in becoming an Upstart partner.  Upstart will also be kicking off a product pre-order campaign for end-users later this year – please watch our website and for details.

Upgen NXG™. A Smarter Generator for a Cleaner Tomorrow™.

About Upstart Power, Inc.

Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are dependable, sustainable, carbon efficient, and virtually silent.  The Upgen® products from Upstart Power work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency.  Founded in late 2018, Upstart Power is a privately held company, funded by investors including TJ Rodgers, Enphase Energy and Sunnova Energy.

For more information, visit www.upstartpower.com

Southborough, MA (July 22, 2021) Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for backup power and distributed generation, announces today the addition of two executives to expand the company’s management team and further position the company for success.

Jeff Gatto and Georg Bettenhauser have joined the organization as Senior Vice President of Engineering & Manufacturing and Vice President of Business Development, respectively. Jeff Gatto is leading Upstart Power’s efforts to design, develop, and manufacture an expanding portfolio of Upgen™ SOFC power systems. Georg Bettenhauser is responsible for business development, sales, and commercial partnership activities at the company. Both Gatto and Bettenhauser come to Upstart Power at an exciting time as the company is transitioning its cutting-edge SOFC products from pilot production and field trials into scaled manufacturing and global commercial sales.

“The capabilities and experience of Jeff and Georg enable us to increase our pace and impact as we launch and grow our portfolio of residential and industrial fuel cell products around the world,” said Paul Osenar, President and CEO of Upstart.  “Both of these gentlemen are proven, world-class executives with backgrounds that align extremely well with Upstart Power. They bring significant experience with high technology, hardware systems, and renewable energy and have participated in many successful efforts to scale new products into new markets.”

Prior to Upstart Power, Mr. Gatto was the Vice President of Hardware Engineering & Supply Chain Operations at CASA Systems, a global broadband hardware development company. Prior to CASA, Jeff held a series of senior leadership roles focused on engineering, manufacturing and supply chain at companies including Whoop Inc., Myriant, Tyco, 3Com, Digital, and IBM. He brings 30+ years of experience in accelerated product commercialization from concept through volume production. Jeff holds a B.S. in Mechanical Engineering from Tufts University and an M.S. in Electrical Engineering from Syracuse University.

Mr. Bettenhauser comes to Upstart most recently from EnergySage, a consumer platform for confident energy decision making on solar and other renewable energy options, where he served as VP of Sales & Supplier Partnerships.  Prior to EnergySage, Georg served in senior commercial leadership roles at Trina Solar, SolarWorld, Enphase Energy, Seagate, Quantum and Cylink. Georg brings over 25 years of experience in the sales, business development, channel management, commercial partnerships, and marketing of innovative, high-tech products. He holds a B.S. in Industrial Engineering from Technische Hochschule Mittelhessen in Germany and an M.B.A. from Santa Clara University, in California.

About Upstart Power, Inc.

Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators that are dependable, sustainable, carbon efficient, and virtually silent for Residential and Industrial applications. The Upgen™ Power system from Upstart Power works collaboratively with intermittent renewable sources like solar and battery storage and will ‘cycle on’ when other sources are unavailable, providing 24-7-365, long-duration backup power generation. Founded in late 2018, Upstart Power is a privately held company, funded by investors including TJ Rodgers, Enphase Energy and Sunnova Energy.

For more information, visit www.upstartpower.com