NEW YORK (TheStreet) -- Shares of Energous Corp. (WATT) are spiking by 12.59% to $10.91 on heavy trading volume on Tuesday afternoon, as the company signed a development agreement with Taiwan-based electronics manufacturer Pegatron Corp.
The agreement names Pegatron as a non-exclusive partner to license Energous' WattUp technology in both transmitter and receiver designs.
WattUp is a wire-free charging technology for mobile and IoT devices that provides over-the-air contained power at a distance.
"Partnering with top-tier companies like Pegatron is a key part of our strategy to build out our ecosystem and further solidify our market-entry late this year, earlier next year," Energous CEO Stephen R. Rizzone said in a statement.
"2016 is shaping up to be a breakout year for Energous as we continue to advance our key strategic partnership, focus on the Mini WattUp transmitter as our quickest path to revenue and ultimately execute on our long-term strategy of delivering wire-free power at a distance," he added.
About 2.13 million of the company's shares changed hands by this afternoon vs. its average volume of 701,211 shares per day.
San Jose-based Energous is developing technology that can enable wire-free charging for electronic devices.