Cesar Johnston Is No Longer Serving as President & CEO

Board of Directors Conducting Search for Successor; Establishes Office of the Chair to Lead Operations in Interim Period

Energous Corporation (NASDAQ:WATT), a leading developer of RF-based intelligent wireless power networks, today announced that Cesar Johnston is no longer serving in his role as President & CEO of Energous, effective immediately. The Board of Directors has initiated a search to identify a permanent successor. He will remain on the Company's Board of Directors.

Reynette Au, Chair of the Board, stated: "On behalf of the full Board, I want to thank Cesar for his contributions to Energous, particularly for his work securing critical regulatory approvals for our WattUp wireless power transfer technology. As we conduct a search for a successor, our Board and leadership remain focused on executing our smart IoT-centric strategy to enable new high-value IoT markets using Energous wireless power networks, broaden the adoption of our next-generation WattUp technology and improve operational efficiencies."

The Board has established an Office of the Chair, composed of Reynette Au, Chair of the Board; and Mallorie Burak, Chief Financial Officer, who has also been named Principal Executive Officer for the interim period. The Office will oversee strategic planning and direction, working closely with the Company's Board of Directors, Board of Advisors, senior leadership, partner ecosystem and other stakeholders to deliver on its mission to unleash the full potential of IoT through wireless power networks.

As previously announced, Energous will hold a conference call on Thursday, March 28, at 1:30 p.m. PT (4:30 p.m. ET) to discuss its financial results for the year ended December 31, 2023.

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