ClearEdge Power, a Hillsboro, Oregon-based company developing and manufacturing fuel cells, recently announced that it received $73.5 million in a series E round of funding. New investor Artis Capital Management led this round, which included financing from existing investor Kohlberg Ventures. Other investors included Australia-based Güssing Renewable Energy and the Southern California Gas Company.
The company said it would use the money for the domestic and international commercialization of its ClearEdge5 fuel cell energy system, which takes natural gas and converts it to electricity. The following video explains how the ClearEdge5 energy system works.
“As a leading producer of distributed generation solutions for light commercial applications, ClearEdge Power is changing the way businesses across the world get their energy,” said ClearEdge Power President and CEO Russell Ford. “This new investment provides the capital necessary for ClearEdge Power to build on our already strong foundation by entering new markets, advancing our technology and commercializing new products.”
“The fuel cell industry is reaching an important tipping point and over the next 18 months a clear gap will begin to emerge between companies that have strong products and clearly defined markets and those that do not,” said Dr. Kerry-Ann Adamson, Research Director, Pike Research. “In the recent Pike Pulse: Prime Power Stationary Fuel Cell report, ClearEdge Power scored very highly. The company’s score was due to ClearEdge Powers’ combination of market strategy and ability to execute to meet demand. ClearEdge Power also clearly differentiates its product offering (hitting a real power demand sweet spot) enabling it to reach many verticals with one product.”
– This post was written by Rob Stewart, a graduate student pursuing an M.A. in Urban Sustainability at the Antioch University of Los Angeles, and edited by Leonard Adler, Founder and Publisher of Green VC.