Wireless power technology, which has gained momentum in recent years with the development of wireless charging pads and other devices, is expected to continue its growth trajectory in the coming years. The global wireless charging market is projected to exceed $63.7 billion by 2032, with a projected CAGR of 24.2% from 2023 to 2032.
However, there are still debates over technical issues that need to be addressed, such as the efficiency of wireless power transfer, which is lower than wired charging, resulting in longer charging times and energy loss. Safety concerns have also been raised with regard to the potential health effects of exposure to electromagnetic fields.
Hampton, Virginia-based WiGL is working to solve these issues with its networks of transmitters that power or recharge the Internet of Things. Similar to how WiFi provides wireless internet, WiGL provides wireless power. The company is at the forefront of the energy conversation, creating systems to create, transmit, and store energy.
Under its multi-year contracts with the United States Department of Defense, WiGL is using Federal Communications Commission-approved transmitters to address safety concerns and smart power management to address efficiency. The company is well-positioned to be a leader in the creation, transmission, and storage of power industries, and its patented technologies continue to catch the attention of the US Department of Defense.
Compared to its closest competitors and partners, Energous (NASDAQ:WATT) and Huawei, WiGL feels its patented technologies have far superior long-distance applications. WiGL’s technologies work just like traditional WiFi, using networks of transmitters to charge IoT devices, including cell phones, utilizing the same raw radio frequency as noise.
Investors currently have a chance to invest in WiGL, as the company is hosting its 3rd raise on StartEngine. WiGL was the first Reg CF on StartEngine to hit the $5M cap. With its team of industry leaders, it will be interesting to see how the company evolves following this next raise.
Wireless power transfer has its risks, but companies like WiGL are working to address safety and efficiency concerns with new technologies that could transform the way we power our devices. As the Internet of Things continues to grow, technologies that make people’s lives easier and more accessible will be at the forefront of the conversation.
