# Upstart Power

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/upstart-power

- Industry: Power & Utilities
- Headquarters: Southborough, US
- Website: www.upstartpower.com
- Total disclosed funding: $17M
- Latest round: Series C (Oct 24, 2022)
- Investors on record: 6

## About

Based in Massachusetts, US, and founded in 2018, Upstart Power, Inc. develops solid oxide fuel cell (SOFC) generators that convert natural gas to electricity that can use during power shutdown. As of 2023, the company is headed by its CEO Dr. Paul Osenar. In October 2022, the firm raised USD 16.95 million in Series C funding led by investor ITOCHU Corporation, with participation from returning investors Cricetus Felix Ventures, Enphase Energy, Inc., H+ Partners, Rodgers Capital Group, and Sunnova Energy International Inc.

The company design and manufactures the Upgen™ line of solid oxide fuel cell (SOFC) generators. Products from Upgen are specifically made to cycle (multiple on/offs) and to only run when necessary, enabling them to work in harmony with current solar and battery storage systems. The firm products are wall-mountable, reduce GHG emissions, optimize solar power systems, provide long-duration backup power, and many others. The firm products can be used as residential and industrial extended backup power, and grid-independent power.

The company plan to use the October 2022 funding to accelerate its renewable energy and enhance energy resilience.

## Funding rounds

- Series C, Oct 24, 2022, $17M — Itochu, Rodgers Capital Group, Enphase Energy, Inc., Sunnova Energy International Inc., H+ Partners, Cricetus Felix Ventures

## Investors

- Itochu — Series C
- Rodgers Capital Group — Series C
- Enphase Energy, Inc. — Series C
- Sunnova Energy International Inc. — Series C
- H+ Partners (https://capitalatlas.ai/funds/h-partners) — Series C
- Cricetus Felix Ventures (https://capitalatlas.ai/funds/cricetus-felix-ventures) — Series C