Companies · Energy Conservation

Watt Fuel Cell Corp.

MOUNT PLEASANT · Energy Conservation

Diligence memoA one-page analyst read on Watt Fuel Cell Corp. — recommendation, valuation, rhythm, risks.
$107.1M
Total raised · real
5
Rounds
0.8×
Latest step-up
Top 3%
Sector rank · raised
Series C
Latest stage · inferred · Mon Dec 13 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Watt Fuel Cell Corp. has raised $107M over 5 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the climate/enviro sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 4.5 yr ago; this sector typically re-raises about every 11 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Energy Conservation

Watt Fuel Cell Corp. is one of 254 Energy Conservation companies tracked from MOUNT PLEASANT. By capital raised it ranks among the largest (ahead of 98% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
27
Investors (latest)
2021-12-13
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeed · 2011-05-04 Raised $3.8M (real) Modeled valuation $104M (est)Seed2011Seed · 2011-05-04 Raised $3.7M (real) Modeled valuation $100M (est)Seed2011Pre-Seed · 2011-05-04 Raised $123K (real) Modeled valuation $4.1M (est)Pre-Seed2011Seed · 2011-05-04 Raised $1.8M (real) Modeled valuation $48M (est)Seed2011Seed · 2011-05-04 Raised $2.9M (real) Modeled valuation $79M (est)Seed2011Seed · 2011-05-04 Raised $2.3M (real) Modeled valuation $61M (est)Seed2011Seed · 2011-05-04 Raised $1.5M (real) Modeled valuation $41M (est)Seed2011Pre-Seed · 2011-05-04 Raised $550K (real) Modeled valuation $19M (est)Pre-Seed2011Pre-Seed · 2013-02-05 Raised $1.0M (real) Modeled valuation $34M (est)Pre-Seed2013Series A · 2013-02-05 Raised $7.2M (real) Modeled valuation $158M (est)Series A2013Seed · 2013-02-05 Raised $2.1M (real) Modeled valuation $57M (est)Seed2013Seed · 2013-02-05 Raised $1.8M (real) Modeled valuation $49M (est)Seed2013Series A · 2018-04-18 Raised $11M (real) Modeled valuation $236M (est)Series A2018Series A · 2020-04-24 Raised $8.1M (real) Modeled valuation $179M (est)Series A2020Series C · 2021-12-13 Raised $82M (real) Modeled valuation $1.4B (est)Series C2021Series C · 2021-12-13 Raised $67M (real) Modeled valuation $1.1B (est)Series C2021Cumulative $197M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$3.8M · 2011
Seed extension$3.7M · 2011
Bridge · Seed-stage$123K · 2011smaller follow-on
Seed extension$1.8M · 2011
Seed extension$2.9M · 2011
Seed extension$2.3M · 2011
Seed extension$1.5M · 2011
Bridge · Seed-stage$550K · 2011smaller follow-on
Bridge · Seed-stage$1.0M · 2013smaller follow-on
Series A$7.2M · 2013
Bridge · Series A-stage$2.1M · 2013smaller follow-on
Bridge · Series A-stage$1.8M · 2013smaller follow-on
Series A extension$10.7M · 2018
Series A extension$8.1M · 2020
Series C$82.3M · 2021no Series B on file
Series C extension$67.3M · 2021

Stages are modeled from round size (public records carry no series label). No record for: Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 80%.

Modeled valuation trajectory
$1.4B
Base estimate est.
$292.9M
Conservative case
$3.0B
Upside case
$549.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the climate/enviro sector profile. Directional, not a quoted figure.

Seed · modeled $104.0M · 2011-05-042011Seed · modeled $99.7M · 2011-05-04Pre-Seed · modeled $4.1M · 2011-05-04Seed · modeled $47.9M · 2011-05-04Seed · modeled $78.8M · 2011-05-04Seed · modeled $61.5M · 2011-05-04Seed · modeled $40.8M · 2011-05-04Pre-Seed · modeled $18.6M · 2011-05-04Pre-Seed · modeled $33.7M · 2013-02-05Series A · modeled $158.1M · 2013-02-05Seed · modeled $56.6M · 2013-02-05Seed · modeled $49.0M · 2013-02-05Series A · modeled $235.9M · 2018-04-18Series A · modeled $179.5M · 2020-04-24Series C · modeled $1.4B · 2021-12-13Series C · modeled $1.1B · 2021-12-132021
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
72%
Survival probability
53% low · 83% high
1.32×/yr
Annual markup
1.51×/yr upside case
4.5 yr
Elapsed time used
4.5 yr actual, capped for stale marks
climate/enviro
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$10.1M/yr
Capital velocity
15.2 yr
On record since
2011
First round
16
Rounds on file
How it compares to the market

Benchmarked against 254 companies in Energy Conservation. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 43× above median
This company$107.1M
Sector median$2.5M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.5× above median
This company$67.3M
Sector median$43.5M
Modeled value — vs sector median (estimate, all stages) 51× above median
This company$1.4B
Sector median$27.1M

Raised more than 98% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

Not enough valued peers in this cohort to chart positioning.

CompanyStageRaised · realValue · estvs peer med.
MAD Energy Limited PartnershipSeries C$98.5M$1.8B1.14×
Watt Fuel Cell Corp. this companySeries C$107.1M$1.4B0.86×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$3.8M2011-05-04$19.2M$104.0M85%
Seed$3.7M2011-05-04$18.4M$99.7M85%
Pre-Seed$123K2011-05-04$681K$4.1M85%
Seed$1.8M2011-05-04$8.8M$47.9M85%
Seed$2.9M2011-05-04$14.5M$78.8M85%
Seed$2.3M2011-05-04$11.3M$61.5M85%
Seed$1.5M2011-05-04$7.5M$40.8M85%
Pre-Seed$550K2011-05-04$3.1M$18.6M85%
Pre-Seed$1.0M2013-02-05$5.6M$33.7M85%
Series A$7.2M2013-02-05$32.5M$158.1M85%
Seed$2.1M2013-02-05$10.4M$56.6M85%
Seed$1.8M2013-02-05$9.0M$49.0M85%
Series A$10.7M2018-04-18$48.5M$235.9M90%
Series A$8.1M2020-04-24$36.9M$179.5M90%
Series C$82.3M2021-12-13$549.0M$1.4B90%
Series C$67.3M2021-12-13$449.0M$1.1B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$3.8M2011-05-04
    • First recorded raise — entered as Seed.
    • 51 investors on this round.
  2. Seed$3.7M2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 45 investors on this round.
  3. Pre-Seed$123K2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 30.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  4. Seed$1.8M2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 14.4× larger than the prior — scaling up.
    • 19 investors on this round.
  5. Seed$2.9M2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 34 investors on this round.
  6. Seed$2.3M2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 26 investors on this round.
  7. Seed$1.5M2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 16 investors on this round.
  8. Pre-Seed$550K2011-05-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.7× smaller than the prior — bridge or down round.
    • 5 investors on this round.
  9. Pre-Seed$1.0M2013-02-05
    • Raised again after 21 mo — slower than the ~11 mo sector norm.
    • Round 1.8× larger than the prior — scaling up.
    • 8 investors on this round.
  10. Series A$7.2M2013-02-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 7.2× larger than the prior — scaling up.
    • 27 investors on this round.
  11. Seed$2.1M2013-02-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.4× smaller than the prior — bridge or down round.
    • 26 investors on this round.
  12. Seed$1.8M2013-02-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 23 investors on this round.
  13. Series A$10.7M2018-04-18
    • Raised again after 62 mo — slower than the ~11 mo sector norm.
    • Round 5.9× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 10 investors on this round.
  14. Series A$8.1M2020-04-24
    • Raised again after 24 mo — slower than the ~11 mo sector norm.
    • Round 1.3× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  15. Series C$82.3M2021-12-13
    • Raised again after 20 mo — slower than the ~11 mo sector norm.
    • Round 10.1× larger than the prior — scaling up.
    • 28 investors on this round.
  16. Series C$67.3M2021-12-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 27 investors on this round.
Intelligence
2022 ~Q3
Modeled next raise · ~8mo cadence
$67.3M
Modeled next size est.range $67.3M$107.8M
0.8×
Last step-up
$10.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Michael Joyce4 other2011-05
Morgan O'Brien3 other2020-04
Travis Bradford2 other2018-04
Michael H. Joyce1 other2011-05
ROBERTO SELLA1 other2018-04
Angelo Ferrara2011-05
Anne Hoskins2018-04
Caine Finnerty2011-05
Charles Andres Hall2011-05
Chas Andres Hall2011-05
Christian J Henrich2013-02
David H Peirez2011-05
James H Vilardi2011-05
James Vilardi2011-05
Larry Hiler2018-04
Patrick Forsythe2021-12
Patrick Gallagher, Jr.2011-05
Patrick H Gallagher, Jr.2011-05
Richard Romer2020-04
Rocco Trotta2018-04
Sarah DeWald2011-05
Toby Rice2021-12
William Silhan2013-02
Registry & provenance

Watt Fuel Cell Corp. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1520954
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
MAD Energy Limited PartnershipEnergy ConservationSeries C$98.5M$1.8Bsame sector · same stage
Utilidata, Inc.Energy ConservationSeries C$121.1M$402.9Msame sector · same stage
Suniva IncEnergy ConservationSeries C$94.4M$2.4Bsame sector · same stage
MidWest AgEnergy Group, LLCEnergy ConservationSeries C$90.2M$490.0Msame sector · same stage
Jmd Inc.Energy ConservationSeries C$89.8M$829.3Msame sector · same stage
Greenwave Holdings Inc.Energy ConservationSeries C$73.8M$1.1Bsame sector · same stage
Calisolar Inc.Energy ConservationSeries C$200.6M$151.7Msame sector · same stage
Copenhagen Energy Islands ApSEnergy ConservationSeries C$54.9M$522.5Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Green Heat CorpEnergy ConservationSeries A$6.1M85%
Royal Power Energy IncEnergy ConservationSeries A$104.0M84%
Oxccu Tech Ltd.Energy ConservationSeries B$211.2M84%
DEEP Earth Energy Production Corp.Energy ConservationPre-Seed$9.9M83%
Shifted Energy, Inc.Energy ConservationPre-Seed$21.9M83%
Laconic Infrastructure Partners Inc.Energy ConservationSeries A$1.7M83%
WexEnergy LLCEnergy ConservationPre-Seed$13.7M83%
BrightCore Holdings, LLCEnergy ConservationSeed$78.0M83%
Frequently asked
How much funding has Watt Fuel Cell Corp. raised?
Watt Fuel Cell Corp. has raised approximately $107.1M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Watt Fuel Cell Corp.'s estimated valuation?
Provath's modeled valuation for Watt Fuel Cell Corp. is approximately $1.4B (modeled range $292.9M–$3.0B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Watt Fuel Cell Corp. at?
Watt Fuel Cell Corp.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Mon Dec 13.
What does Watt Fuel Cell Corp. do and where is it based?
Watt Fuel Cell Corp. operates in the Energy Conservation sector, based in MOUNT PLEASANT.
Explore related

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