Energous Rallies After First Customer Product Approval From The FCC

Shares of Energous Corp WATT gained 30 percent Thursday morning after the maker of wireless charging technologies announced its first customer product approval.

What Happened

Energous said in a press release the U.S. Federal Communications Commission approved its Delight PSAP hearing device to be marketed and sold in the U.S.

The device can be used by hearing impaired people without a prescription and tends to cost less than standard hearing aids. The product comes with a unique wireless charging platform based on its WattUp technology which supports fast, efficient contact-based charging along with over-the-air.

Why It's Important

Energous approved product boasts wireless charging technology that eliminates the frustrating process of battery replacement, the company said. The company also said it believes Thursday's product approval will be the "first of many" future wireless charging electronic products in many vertical markets.

The company expects availability of its PSAP product in the first quarter of 2019. Other products in its pipeline, including wireless charging technology for smartphones and other electronics, remains in development and has already been approved for use in 100 countries.

Shares traded around $5.96 at time of publication.

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