Upstart Power Raises $17M in Series C

Upstart Power, a Southborough, MA-based developer and manufacturer of solid oxide fuel cell (SOFC) power systems, raised $17M in Series C funding.

The round was led by ITOCHU Corporation, with participation from Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures.

The company intends to use the funds to accelerate the ongoing global commercialization of its innovative platform of on-demand backup and grid-augmenting solid oxide fuel cell generators.

Led by CEO Dr. Paul Osenar, Upstart Power designs and produces solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are carbon efficient, and silent. The Upgen™ products work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency.

The company, in close collaboration with its commercial partners, is currently conducting advanced field trials of the Upgen™ NXG fuel cell system in preparation for a full commercial launch into the North American market in the second half of 2023.

In parallel to the Series C financing, Upstart Power and ITOCHU also entered into a commercial agreement to co-develop, manufacture, market, and sell Upstart’s SOFC products in Japan.