Energous Corp (NASDAQ:WATT) is a very young company and it has just seen its first ever insider purchase. Today George Holmes, SVP of Sales and Marketing, purchased 602 shares at an average price of $13.74 per share. The total dollar value of the transaction is slightly more than $8250. Stephen Rizzone, President, Chairman, and CEO of the company, met George Holmes at Ortel in 2000. Here is how Holmes introduced himself at the company’s first conference call:
“I began in early 80s in finance and operations before moving into telecom equipment as a sales guy. I started with Telecom Solutions which became Symmetricom. I built a worldwide sales presence and then I moved into some at Level One Communications. I grew sales from $25 million to over $150 million revenue. From there I moved into Optical Components at Ortel, where I joined Steve and we turned that company around and then sold to Lucent in the late 90s.
After the sales to Lucent, I ran North American sales for Lucent microelectronics about 85% of the worldwide revenue. From there I did a number of start-ups, two of which were in the widest power arena, before transitioning into Solar where I ran sales for to the company based in Austin. Before joining teams here in October, most relevant to my career as it relates to this opportunity is my time at Lucent when we built, the early days of the Wi-Fi infrastructure, selling components into that space as well as systems and infrastructure equipment. Additionally, I’ve done two wireless power companies both PowerCast and Pure Energy, which gave me great deal of market knowledge.”
Energous Corp (NASDAQ:WATT) went public at the end of March and raised nearly $25 million. The company has 9.4 million shares outstanding and another 2.7 million warrants and options outstanding. Energous Corp (NASDAQ:WATT)’s Wattup technology is very promising. Here is what Stephen Rizzone said about it:
“With our WattUp technology, this is very active process is going to become passive. Consumers will be charging their devices when they walk into a room, when the devices are in their pockets, on the desks or sitting on front sit of their car. In short, our WattUp technology is going to completely transform the way consumers use electricity. We believe we can affect paradigm change that faster adoption of our technology along the same lines and to the same extent as Wi-Fi.”