HAMPTON, Va. & SAN JOSE, Calif. - WiGL Inc (StartEngine: WiGL), in collaboration with Energous (NASDAQ:WATT) Corporation (NASDAQ: WATT), has announced the successful completion of their wireless power transfer product's Federal Communications Commission (FCC) compliance process. This marks a significant milestone in their partnership to commercialize wirelessly powered Internet of Things (IoT) products.
The joint venture's touchless Wireless Power Transfer (tWPT) product, funded by the Air Force Research Lab and part of a multiyear contract with the U.S. Department of Defense (DoD), has now met the third and final milestone in its development. The product is also designed to comply with UL product safety standards.
Energous Corporation's PowerBridge transmitters are integral to the project, providing radio frequency-based (RF) wireless power for WiGL's tWPT networks. With FCC certification now complete, the system integration of PowerBridges by WiGL's partner Guinn Partners is an important step towards mass production.
Dr. Ahmad Glover, founder of WiGL, expressed enthusiasm about transitioning the technology from military to civilian markets, emphasizing the potential of tWPT to benefit a global customer base. Energous's President and CEO, Cesar Johnston, highlighted the importance of regulatory compliance in bringing wireless power solutions to market and noted the advantages of their technology in reducing maintenance costs and environmental waste.
WiGL's network, powered by Energous, aims to eliminate the need for replaceable batteries and charging cables in IoT deployments, offering a more convenient power solution for customers. The collaboration between WiGL and Energous is expected to enhance the capabilities of IoT ecosystems by addressing crucial power needs.
The information in this article is based on a press release statement from WiGL and Energous Corporation.
InvestingPro Insights
In light of the recent FCC compliance achievements by Energous Corporation (NASDAQ: WATT), it's important for investors to consider the company's financial health and market performance. According to InvestingPro data, Energous Corporation holds a market capitalization of $11.2 million, which is reflective of its position in the market. Despite the potential of their wireless power technology, the company's revenue has seen a decline of 37.42% over the last twelve months as of Q1 2023, indicating challenges in sales growth.
Investors should note that the company's stock has experienced significant volatility with a price total return of -87.09% over the past year, yet it has seen a significant return over the last week with a 15.18% increase. This suggests that while the long-term performance has been poor, there may be short-term trading opportunities.
One of the key InvestingPro Tips for Energous is that the company holds more cash than debt on its balance sheet, which could provide some financial flexibility in its operations. However, analysts do not anticipate the company will be profitable this year, and the firm is quickly burning through cash. For investors looking to dive deeper into Energous's financials and future prospects, there are additional InvestingPro Tips available. Use the promo code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes a total of 16 InvestingPro Tips for Energous Corporation.
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