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Energous Shares Skyrocket on Apple Battery Rumors

TheStreet logo TheStreet 2/19/2021 Rob Lenihan
a group of people standing in front of a screen: Energous Shares Skyrocket on Apple Battery Rumors © TheStreet Energous Shares Skyrocket on Apple Battery Rumors

Shares of Energous soared Friday on rumors that the wire-free charging company was working with Apple on a magnetically attached battery pack for the newest iPhones that would wirelessly charge the handsets.

Shares of the San Jose, Calif. company were climbing 42% to $5.28 at last check.

Bloomberg reported on Friday that Apple has been developing the attachment for at least a year, and that it has been scheduled to launch in the months after the iPhone 12 line was first released, which was in October.

The battery pack would attach to the back of an iPhone 12 using the MagSafe system, which all the new iPhones use for charging and pairing other accessories such as cases and wallets.

Energous develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices.

Energous had said in a regulatory filing that its WattUp product will undergo compliance testing with Apple, according to CNA Finance, but there was no reference to a partnership.

In January, Energous and American Equus said that the American Equus EQx VitalsSensor, the first wirelessly-charged equine health tracking sensor, has successfully completed trials and is on track for availability in the first quarter.

The sensor monitors and tracks the animal's vital statistics such as temperature, heart rate and leg position.

Earlier this year, Energous said it had raised about $38.8 million in a stock offering.

In December, Roth Capital analyst Suji Desilva maintained a Buy rating on Energous shares after the company announced that its first health wearable sensor customer, Gokhale Method, a wellness tracking company, had secured FCC regulatory approval for the company's wireless charging solution.

The company, which has about 50 employees, did not immediately respond to a request for comment. Energous is scheduled to report earnings next week.

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This article was originally published by TheStreet.

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