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Upstart Power Announces $17M Series C Financing Round and New Strategic Partnership

ITOCHU Corporation leads round and becomes latest strategic partner

SOUTHBOROUGH, Mass., November 17, 2022-- Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for on-demand backup power and distributed generation, announces the closing of a $17 million Series C financing. The new funds will be used to accelerate the ongoing global commercialization of Upstart’s innovative Upgen™ platform of next-generation on-demand backup and grid-augmenting solid oxide fuel cell generators.

The round was led by ITOCHU Corporation as part of a new strategic engagement with Upstart, and included participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. 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.

Mr. Hiroaki Murase, General Manager, Sustainable Energy Business Department, ITOCHU, commented: “We are excited about our partnership with Upstart Power, and we see tremendous synergies between Upstart’s on-demand SOFC generation platform and ITOCHU’s energy storage and solar products. ITOCHU has extensive Grid 2.0 expertise with a deployed portfolio of over 50K residential solar and battery storage systems in Japan, networked into virtual power plants. Upstart’s SOFC generators can augment these deployments to deliver comprehensive distributed energy solutions. We look forward to launching Upgen SOFC generators into the Japanese market.”

Remarking on the strategic partnership with ITOCHU and the Series C financing, Dr. Paul Osenar, President and CEO, Upstart Power, said: “We are delighted to welcome ITOCHU as the newest member of the Upstart family. We are pleased with the success of our ongoing fundraising efforts and are very appreciative of the ongoing financial and strategic support of our existing investors and commercial partners. Japan is a very promising market for Upstart intermittent fuel cells. We are looking forward to working with ITOCHU on accelerating the adoption of renewable energy, enhancing energy resilience, and helping to build a distributed, sustainable energy society.”

Upstart Power, 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.

About Upstart Power, Inc.

Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are dependable, sustainable, carbon efficient, and virtually silent. The Upgen™ products from Upstart Power work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency. Founded in late 2018, Upstart Power is a privately held company, funded by investors including Enphase Energy, Sunnova Energy and Rogers Capital.

For more information, visit www.upstartpower.com.

About Itochu Corporation

The history of ITOCHU Corporation dates to 1858 when the Company's founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 150 years. With approximately 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas. For more information, go to: https://www.itochu.co.jp/en.

Contact:
Upstart Power
Robyn Kennedy DeSocio
Investor Relations
ir@upstartpower.com
614.877.8278 ex. 124