Shares of Energous Corporation (NASDAQ:WATT) stock are skyrocketing on Friday morning on news that is important to the company’s products.
Instead, WATT stock is on the rise after Bloomberg reported that Apple (NASDAQ:AAPL) is currently working to create “a magnetically attached battery pack for the newest iPhones.”
The attachment will connect to the back on an iPhone via the MagSafe system, which is what the newer devices currently use to charge and connect to other accessories. According to the report, Apple has been working on this for about a year, and the magnetic battery pack may be available soon after the iPhone 12 release.
So, what does all of this have to do with Energous Corporation? Well, this is just what the firm focuses on: wireless power and charging capabilities. And with that in mind, let’s take a closer look at the company and what is making WATT stock soar.
- Energous Corporation uses its WattUp technology to make wireless charging and power possible.
- It works by having “a WattUp transmitter sends contained energy via radio waves to paired devices containing complementary WattUp receivers. The receivers convert those radio waves into DC power, which in turn charges the receiver’s battery.”
- In simple terms, WattUp technology can charge an item without being physically connected to it.
- The technology’s applications are enormous, ranging from simple concepts like your every day home items to medical and military devices.
- According to the company website, Energous “received the world’s first FCC Part 18 certification for at-a-distance wireless charging.”
- And as of now, the firm has more than 200 awarded patents and allowed applications for its WattUp wireless charging technology.
- Moreover, Energous Corporation will report its fourth quarter and fiscal year 2020 financial results on Feb. 25.
WATT Stock was up 33.8% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
