ClearEdge Raises $73.5m For Fuel Cell Market Expansion
Fuel cell manufacturer ClearEdge Power has raised $73.5 million in Series E financing through the sale of new shares and the conversion of previously issued promissory notes.
New investors include Artis Capital Management, Austria-based Güssing Renewable Energy, Southern California Gas Company – a regulated subsidiary of Sempra Energy – as well as existing investor Kohlberg Ventures. The federal portion of funding for this award was provided by the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy – Fuel Cell Technologies Program.
The Oregon company, which specializes in commercial and residential fuel cells (pictured), says that the financing will be used to “further grow customer adoption in key commercial markets, expand internationally and develop and commercialize new products”.
New products include a fuel cell aimed specifically aimed at data centers, which is currently being tested with customers, according to Cnet.
The financing announcement follows year-on-year revenue growth of more than 480 percent in the second quarter of 2011. ClearEdge has also created over 150 high-tech jobs in the last three years, the company says.
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