Itochu leads USD-17m financing at SOFC generators maker Upstart

US solid oxide fuel cell (SOFC) generators maker Upstart Power has closed a USD-17-million (EUR 16.5m) Series C funding round led by Itochu Corp (TYO:8001), which has also reached a commercial agreement with Upstart concerning the Japanese market.

Founded in late 2018, Upstart develops and manufactures SOFC generators for both residential and industrial applications, including the Upgen range of products that work collaboratively with battery storage to compensate for grid outages and solar shortfalls. The company is currently carrying out advanced field trials of its Upgen NXG fuel cell system and is getting ready to launch the product commercially in North America in the second half of 2023.

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The Japanese trading house recognises synergies between its own energy storage and solar products and Upstart’s on-demand SOFC generation platform.

“Itochu has extensive Grid 2.0 expertise with a deployed portfolio of over 50,000 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,” commented Hiroaki Murase, General Manager, Sustainable Energy Business Department at Itochu.

In addition to Itochu, the funding round was backed by existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures.

(USD 1 = EUR 0.969)