Upstart Power, a Southborough, MA-based developer and producer of stable oxide gas cell (SOFC) energy methods, raised $17M in Series C funding.
The spherical was led by ITOCHU Corporation, with participation from Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures.
The firm intends to make use of the funds to speed up the continued world commercialization of its revolutionary platform of on-demand backup and grid-augmenting stable oxide gas cell turbines.
Led by CEO Dr. Paul Osenar, Upstart Power designs and produces stable oxide gas cell (SOFC) turbines for Residential and Industrial functions which can be carbon environment friendly, and silent. The Upgen™ merchandise work collaboratively with battery storage to cowl for grid outages and photo voltaic shortfalls, offering 24-7-365, long-duration resiliency.
The firm, in shut collaboration with its industrial companions, is at the moment conducting superior area trials of the Upgen™ NXG gas cell system in preparation for a full industrial launch into the North American market in the second half of 2023.
In parallel to the Series C financing, Upstart Power and ITOCHU additionally entered right into a industrial settlement to co-develop, manufacture, market, and promote Upstart’s SOFC merchandise in Japan.