ClearEdge Power has snagged $73.5 million from investors towards their small-scale fuel cells.
ClearEdge Power was established in 2003 and is an innovator in the clean energy market. They, like Bloom Energy, have used their knowledge of fuel cells to manufacture compact power and heating systems that can be used for several residential homes or to power a small commercial building.
The fuel cell generators ClearEdge create can range from 5kW to 60kW. Mike Upp, the ClearEdge VP of sales and marketing,said that a 34-square-foot installation of ClearEdge units could produce the same amount of heat and power as a 3,200-square-foot solar installation. The fuel cells are powered by natural gas.
Fuel cells are devices that convert fuel into electricity through a clean electro-chemical process rather than dirty combustion.
The technology is intended to reduce energy bills of customers, improve the energy efficiency of homes and businesses, and reduce carbon emissions.
The $73.5 million is through Series E financing and the sale of new shares to investors like Artis Capital Management, Gussing Renewable Energy, Southern California Gas Company and Sempra Energy.
The money is intended to create growth of the company and increase customers. The money is also to help ClearEdge eventually expand internationally and create more commercialized products.
ClearEdge Power’s President and CEO, Russell Ford, says, “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 company has created an additional 150 “high-tech” jobs in the last three years. And the company has continued to obtain new customers both residential and commercial.
ClearEdge Power has experienced revenue growth year-after-year with growth of more than 480 percent by the end of the second quarter of 2011.
ClearEdge stock is still not available at this time, but investors should be on the lookout as this company continues to grow.
Until next time,
Cori
