Headquartered outside Boston in Southborough, MA, Upstart Power is a growth-stage company, founded in 2018 by a team of serial entrepreneurs and passionate fuel cell experts. Upstart Power has a long and rich history in high-performance fuel cell technology and systems. Many of Upstart’s founders and employees were team members at Protonex Technology Corporation. Protonex was focused on Proton Exchange Membrane (PEM) fuel cells, Solid Oxide (SOFC) fuel cells, and power management devices for military and commercial applications and operated privately and publicly (on London’s AIM exchange) from 2000 through 2015. In 2015, Protonex was acquired by Ballard Power (NASDAQ: BLDP) and the majority of the Protonex team remained in place as Ballard continued an impressive domestic and international growth trajectory in fuel cells. In 2018, Ballard agreed to divest the entire SOFC business in a management buyout. Upstart Power became a reality when that transaction closed later that year.