HILLSBORO, OR, [February 12, 2013] – ClearEdge Power, a manufacturer of scalable, distributed power systems, has closed on its acquisition of UTC Power, marking a major milestone for the company and strengthening its position in the commercial fuel cell industry. UTC Power, formerly a subsidiary of United Technologies Corp., has long been considered a leader in fuel cell systems with decades of experience. Read more…
“We are excited about the strategic combination of ClearEdge Power and UTC Power to address the demand for clean, continuous, distributed power solutions”, said ClearEdge Power President and CEO, David B. Wright. “The wealth of talent, intellectual capital, and technology platforms enables us to provide highly innovative product and service solutions to our customers.”
The transaction is subject to customary closing conditions; closing is expected early in 2013.
Fuel cells have long promised to deliver a cleaner source of power, but they are far from commonplace. But government efforts in recent years to reduce emissions by subsidizing cleaner energy generation are boosting fuel cells’ acceptance and benefiting companies such as ClearEdge Power, which on Tuesday launched two new systems designed to make fuel cells a primary –rather than a supplemental or backup—source of electricity. Read more.
U.S. Energy Secretary Steven Chu today applauded the commissioning of a combined heat and power (CHP) fuel cell system at Portland Community College in Oregon. The CHP fuel cell system will help Portland Community College save on its energy bills and help achieve its energy efficiency and sustainability goals. Students at the College will also learn about the fuel cell technology used in the project as part of a comprehensive alternative energy curriculum offered by the school.
HILLSBORO, Ore. – August 23, 2011 – ClearEdge Power, a leading 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 (NYSE: SRE); 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.”According to a recent report by Pike Research, in the last two years, the stationary fuel cell industry has seen a 27 percent compound annual growth rate. It also estimates solutions that provide buildings with base load power, such as the ClearEdge5 system, are primed for significant growth. In fact, the clean technology market intelligence firm estimates sales for the sector to surpass 1.2 million units annually by 2017. With a scalable solution that can be sized to meet each individual energy needs, ClearEdge Power is poised to address the growing global demand for continuous onsite power systems.
“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.”
The financing follows a great deal of success for ClearEdge Power, including year-over-year revenue growth of over 480% in the recently completed second quarter of 2011. Additionally, the company has created over 150 high-tech jobs in the last three years, representing over 300% 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.
About ClearEdge Power
ClearEdge Power is a global, privately held, technology company leading the way for smarter, cleaner on-site energy systems focused on commercial, institutional and residential buildings. The company designs, manufactures and markets the ClearEdge5 system, a proven fuel cell appliance that cleanly converts natural gas to electricity and heat, offering both significant financial and energy savings, as well as a greatly reduced impact on the global environment. The ClearEdge Power corporate management systems are certified to ISO 9001 and ISO 14001. Follow ClearEdge Power on Facebook, LinkedIn and Twitter.
Taraneh Foster, ClearEdge Power, (503) 214-1673 Simon Jones, Blanc & Otus, (415) 856-5155
ClearEdge5 Stationary Continuous Power System Enables Stone Edge Farm to Benefit from Clean, Cost-Effective Energy
SONOMA, Calif. – July 22, 2011 – ClearEdge Power, a manufacturer of high-efficiency stationary fuel cells, today announced that Stone Edge Farm, an organic farm and winery located in California’s Sonoma Valley, is leveraging the ClearEdge5 system to advance its energy efficiency and sustainability goals. The ClearEdge5 system enables Stone Edge Farm to significantly reduce the energy costs required to run a successful estate and vineyard. In particular, it reduces the energy required to run the farm’s irrigation system and lights.
“At Stone Edge Farm we are committed to making world-class organic wine, while also to serving as an industry steward of sustainable practices in agriculture, farming and conservation,” said Mac McQuown, proprietor, Stone Edge Farm. “A key to minimizing our impact on the earth is determining energy efficiency best practices that help meet the operational needs of our growing agricultural operations. ClearEdge Power has been instrumental in helping us advance toward this goal by providing a system that significantly reduces our dependence on traditional energy sources while dramatically lowering our carbon emissions.”
By using the ClearEdge5 to provide power and heat for some operational functions, Stone Edge Farm expects to save 49 percent on its electricity bill and remove 24,000 pounds of carbon dioxide (CO2) from the environment annually. The financial savings will allow the winery to save more than $250,000 on total energy costs over a 20-year period. In addition to the clear financial benefits, Stone Edge Farm chose the ClearEdge5 system for its efficiency, ease-of-installation and overall aesthetic value.
“StoneEdge Farm is making tremendous strides in reducing the environmental impact of their agricultural production, and we are excited they have included our ClearEdge5 system as part of their impressive sustainability efforts,” said ClearEdge Power President and CEO Russell Ford. “This deployment clearly demonstrates the economic and environmental benefits that commercial and agricultural entities, like farms and wineries, can achieve with onsite continuous power systems such as the ClearEdge5. By providing efficient and 24/7 access to clean power and heat we can help businesses achieve energy independence, while saving money and becoming better stewards of the environment.”
The ClearEdge5 is a 5-kilowatt fuel cell from ClearEdge Power that combines heat and power in a scalable solution that can meet individual business’ specific energy needs. Unlike power sources that use traditional combustion technology, the ClearEdge5 uses an electrochemical process to convert natural gas to electricity and heat. This process dramatically reduces the environmental impact of producing electricity by reducing carbon dioxide emissions by approximately 35 to 40 percent compared to traditionalcombustion technology. Roughly the size of a standard refrigerator and incorporating a system for real-time remote monitoring, the innovative fuel cell system also reduces other typical pollutants, such as volatile organic compounds, ash and particulates, to trace levels.
About ClearEdge Power
ClearEdge Power is a global, privately held, technology company leading the way for smarter, cleaner on-site energy systems focused on commercial, institutional and residentialbuildings. The company designs, manufactures and markets the ClearEdge5 system, a proven fuel cell appliance that cleanly converts natural gas to electricity and heat, offering both significant financial and energy savings, as well as a greatly reduced impact on the global environment. The ClearEdge Power corporate management systems are certified to ISO 9001 and ISO 14001.
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