ClearEdge Power Completes $73.5 Million Financing Round
ClearEdge Power, a manufacturer of scalable, high-efficiency stationary fuel cells, today announced that it has raised $73.5 million in Series E financing through the sale of new shares and the conversion of previously issued promissory notes. New investor Artis Capital Management led this round, which also included Austrian-based Güssing Renewable Energy; Southern California Gas Company, a regulated subsidiary of Sempra Energy; and existing investor Kohlberg Ventures. The financing will be used to further grow customer adoption in key commercial markets, expand internationally and develop and commercialize new products.
"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 financing follows a great deal of success for ClearEdge Power, including year-over-year revenue growth of more than 480 percent in the recently completed second quarter of 2011. Additionally, the company has created over 150 high-tech jobs in the last three years, representing more than 300 percent growth. Recent highlights include the acquisition of several new customers, a DOE grant to support further adoption of its technology and expansion into international markets. ClearEdge Power has sold systems to a variety of industries, including multi-tenant housing, hospitality, education, utilities, public sector and residential. In June, the company secured a $2.8 million combined industry and government award from the Department of Energy’s Pacific Northwest National Laboratory. These milestones are helping the company expand to the Northeastern United States and South Korea, the latter spurred by a 2010 deal with LS Industrial Systems.
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