WattJoule was founded in 2012 by Dr. Frank Gibbard and Greg Cipriano, experienced entrepreneurs in the energy business, and knowledgeable about tough product development challenges. Our technology is based in part on several million dollars worth of early R&D work funded by the DOE, DOD, and the NSF starting in 2010. WattJoule now has a growing IP portfolio consisting of patents, exclusive licenses, and trade secrets. The company has recently received strategic investment from a Fortune 100 energy company and a leading energy storage system integrator, among others.
WattJoule is embracing a new business model for energy storage. We are utilizing an open innovation approach combined with large strategic industrial partners, both upstream and downstream to our position in the value chain. While this approach is challenging to execute in the startup phase, we are already achieving success by the partners with whom we are working today. In the long run, working with our highly branded strategic partners, we will be in a strong competitive position to penetrate the market faster, and to scale rapidly, with a fraction of the capital required by our competitors.
WattJoule has a world-class team that is based on strong entrepreneurship, deep technical experience in hardware product development, and a commitment to realize our vision. The company is fortunate to have attracted some of the best minds in the field and we are actively recruiting additional talent.