Energous Partners with RFID Leader for Innovative Battery-Free Retail Asset Tracking Solutions

Energous Partners with RFID Leader to Revolutionize Retail Asset Tracking

Energous Corporation, known for its innovative wireless power solutions, announces a strategic collaboration with a leading global provider of RFID-based solutions. This partnership aims to develop a battery-free smart tag designed for enhanced visibility and asset tracking in retail-focused Internet of Things (IoT) applications. As the RFID market is projected to reach $14 billion in 2023, with the retail sector contributing approximately $4.2 billion, this initiative positions Energous at the forefront of a rapidly growing industry. The smart tag leverages Energous' wireless power networks (WPNs) to power ultra-low-power sensors and peripherals, facilitating seamless, real-time data communication to the cloud without reliance on batteries or external power sources.

Mallorie Burak, Energous' CEO and CFO, highlights the transformative potential of this partnership in driving operational efficiencies and promoting sustainability by reducing the dependency on batteries. The introduction of the battery-free smart tag could significantly alter asset tracking and inventory management practices, offering retailers improved visibility and control over their assets. This innovation not only enhances traditional tracking methods but also aligns with the increasing demand for sustainable solutions in the retail space, directly addressing environmental concerns related to battery waste.

Energous continues to lead the charge in developing scalable, over-the-air wireless power networks that enable a new generation of battery-free devices. The company's technology extends beyond asset tracking to include automation applications, such as air quality monitoring and motion detection, thereby broadening its impact across various sectors. By leveraging its extensive intellectual property portfolio, Energous aims to connect businesses with critical data, paving the way for a smarter and more sustainable future in retail and beyond.

In addition to this partnership, Energous reports a strong financial performance for the third quarter of 2024, with a revenue increase of 36% year-over-year, totaling $230,000. The company also notes a significant reduction in costs, contributing to a decreased net loss compared to the previous year. This financial growth reflects increased market adoption of its wireless power solutions, particularly the PowerBridge transmitter systems, which have achieved their highest shipment volume since launch.

The rise in active Proof of Concept (POC) trials, now totaling 56, demonstrates heightened interest in deploying Energous' technology across various applications, including retail. Notably, the company has secured multiple orders from a Fortune 10 multinational retail organization for its 2W PowerBridge transmitters, underlining Energous's strategic partnerships and operational improvements that are driving growth in the wireless power sector.