Energous Announces Agreements With Top IoT Manufacturers at CES International 2016
Leader in Over-the-Air Wire-Free Charging Inks Agreements With Top Tier Manufacturers in the IoT Space as it Migrates From Development to Production in 2016
LAS VEGAS, NV -- (Marketwired) -- 01/07/16 -- Energous Corporation ("Energous®" or "the Company") (NASDAQ: WATT), the developer of WattUp™, a revolutionary wire-free charging technology for mobile and IoT devices that provides "over-the-air" power at a distance, today announced at CES International 2016 that it has signed evaluation agreements with two tier-1 Internet of Things companies as part of the process to expand and accelerate the next group of WattUp licensees. Energous is transitioning as a company from development to fulfillment in 2016 and, as part of this transition will continue to expand its licensee portfolio and establish key strategic partnerships in a number of vertical markets including IoT, gaming devices, batteries and more.
"2015 has been a year of rapid development for the Company and has exceeded our expectations in terms of the commercialization of the WattUp technology, especially in the areas of miniaturization and cost reduction," said Stephen R. Rizzone, CEO of Energous. "An outgrowth of our rapid progress is the opportunity to expand into high-volume, high-visibility verticals like wearables and IoT. Having announced at CES the introduction and availability of the smallest, lowest cost wire-free power solution available in the market today, we are very pleased to also announce formal engagements with our first two top tier IoT companies. They will be part of a group of strategic partners receiving our high power and low power reference design kits."
Terms of the agreement include customary confidentiality clauses to preserve the competitive advantage for these partners. The two companies are both multi-billion dollar CE organizations with broad product lines and worldwide scope. Selection of these two partners was made on the basis of their product launch cycles and their ability to potentially meet the Energous goal of shipping product to the consumer through a licensee in late 2016, early 2017.
WattUp is a revolutionary, award-winning wire-free charging solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router at a distance of up to 15 feet. Not only does the WattUp ecosystem give consumers full mobility while charging in a home, office or retail environment, but the Company has an extensive partner portfolio and a real, working demo that is on display at CES International 2016. To learn more about Energous, please visit www.Energous.com.
About Energous Corporation
Energous Corporation (NASDAQ: WATT) is developing WattUp, an award-winning wire-free charging technology that will transform the way people and industries charge and power their electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary, patent-pending solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router. WattUp differs from current wireless charging systems in that it will deliver meaningful, usable power, at a distance, to multiple devices, resulting in a wire-free experience that saves users from having to remember to plug in their devices or place them on a mat. For more information, please visit Energous.com, or follow Energous on Twitter and Facebook.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements in this release that are not based on historical fact are "forward looking statements". While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Energous Corporation
Released January 7, 2016