Energous Awarded New Multi-Phase Initiative
SAN JOSE, Calif. - Energous Corporation, known as Energous Wireless Power Solutions (NASDAQ: WATT), has exciting news following the receipt of a contract for a scalable project from a significant Fortune 10 retailer. This contract marks the start of a groundbreaking modernization initiative aimed at optimizing infrastructure across approximately 4,700 retail locations over the next few years.
Project Overview and Benefits
The initial phase of this project will see the delivery of over 1,500 Energous 2W PowerBridge transmitter systems, with shipments expected to begin shortly. This phase alone represents an order estimated at $0.3 million, laying the groundwork for new wireless power networks that will be fully operational by early 2025. The investment from this leading retailer represents a significant opportunity to enhance the visibility and management of inventory within grocery distribution centers and various retail locations.
Enhancing Supply Chain Efficiency
Utilizing Energous technology, the retailer aims to improve the management of both perishable and dry goods, with around 140 U.S. locations set to benefit from enhanced systems this coming fiscal year. The initiative is designed to create better supply chain monitoring, offering up-to-date control that will lead to smarter stock management.
Customer Commitment and Confidence
According to Mallorie Burak, CEO and CFO of Energous Wireless Power Solutions, this milestone is a significant testament to the company's innovative approach. "We are thrilled to partner with a leading retailer that shares our vision for efficient, intelligent business practices. Our initial trials proved that the technology could deliver exceptional results for tracking assets and inventory," Burak stated.
Perfect Timing for Modernization
The collaborative efforts during the 2023 Proof of Concept phase not only met but exceeded the required performance metrics, achieving as much as 99 percent visibility over tracked assets. The positive outcomes from this pilot program played a critical role in expanding the partnership, now encompassing both the perishable and dry goods sectors.
Impact of Energous Technology
The next phases of this contract will focus on further implementations of Energous PowerBridge transmitters, designed for maximizing efficiency. The technology is expected to deliver continuous access to wireless power, ultimately supporting a range of devices that require minimal battery use.
About Energous Corporation
Energous Corporation (NASDAQ: WATT) continues to lead in the area of over-the-air wireless power networks. Their commitment to advancing wireless power technology paves the way for revolutionary applications in asset and inventory tracking across diverse industries.
Frequently Asked Questions
What is the significance of the contract Energous received?
The contract is crucial as it marks the beginning of a multi-phase project to optimize infrastructure for a Fortune 10 retailer, enhancing operational efficiencies across thousands of locations.
What technology is Energous providing to the retailer?
Energous is delivering its 2W PowerBridge transmitter systems, which facilitate wireless power networks essential for better inventory tracking and management.
How does this project help improve supply chain visibility?
The technology provides real-time visibility of inventory levels, enhancing supply chain control for both perishable and dry goods at various retail outlets.
What future plans does Energous have regarding this initiative?
Energous plans to support the retailer with additional transmitter systems as the project progresses, ensuring comprehensive implementation by the targeted timeline.
Where can I find more information about Energous?
Additional information about Energous Corporation and its innovations can be found on their official website.
