ClearEdge Power Signs $500 Million Multi-Phase Agreement with Güssing Renewable Energy
ClearEdge Power announced that Güssing Renewable Energy GmbH, a provider of carbon-neutral energy solutions, has selected ClearEdge systems to achieve its goal of producing 50 MW of clean distributed energy generation from fuel cells in the Republic of Austria by 2020. In the first phase of a multi-phase $500 million agreement, one of the largest ever signed in the stationary fuel cell industry, ClearEdge Power will deliver 8.5 MW of clean energy over the next 36 months.
"This is a very significant milestone for both ClearEdge Power and the stationary fuel cell market," said ClearEdge Power President and CEO, Russell Ford. "Güssing Renewable Energy is at the cutting-edge of environmental sustainability and an agreement of this magnitude further validates the role that scalable, continuous onsite power systems will play in the transition to a carbon-neutral society. This contract also adds on to our strong growth in North America and provides the perfect platform for us to continue to expand our international operations."
Headquartered in the Austrian town of Güssing, the first community in the European Union to produce 100 percent of its energy from renewable resources, Güssing Renewable Energy offers customizable and instantly usable carbon-neutral solutions that help communities produce clean, reliable energy. These solutions include proven anaerobic technology that can convert organic mass into high-purity biogas that can be used to cleanly and cost-effectively generate electric power and heat in fuel cells like the ClearEdge systems. Under the agreement with ClearEdge Power, GÃƒÂ¼ssing Renewable Energy has agreed to sell, install and service ClearEdge systems in Austria and also has the opportunity to foster adoption within Western European markets. The agreement builds on Güssing Renewable Energy’s participation in the recent ClearEdge Power Series E financing round and is designed to support the installation of 8.5 MW of fuel cell systems in Austria over the next 36 months, which will then rise to 50 MW by 2020.
"With its flexible and modular power systems, ClearEdge Power has developed a distributed energy solution that will fundamentally change the way people receive power," said Michael Dichand, Chairman, Güssing Renewable Energy. "We see these fuel cell systems as the perfect complement to our sustainably cultivated biomass facilities and are pleased to be able to partner with a forward-thinking company like ClearEdge Power as we aggressively move to achieve our clean energy goals."