Fuel cell company ClearEdge Power raises $13.5M
By Erik Siemers
Business Journal staff writer
Russell Ford, CEO of ClearEdge said in January that the company was heading toward an IPO.
ClearEdge Power Inc. has raised $13.5 million in equity capital.
The fast-growing Hillsboro-based manufacturer of fuel cells declined to discuss details of the capital raise.
The round is the first equity round since a $26 million round disclosed in January 2010, according to filings with the U.S. Securities and Exchange Commission.
In that time, ClearEdge has raised nearly $35 million using debt and other securities.
Also, ClearEdge last month was awarded a $2.8 million grant from the federal Department of Energy to work with Pacific Northwest National Laboratory to deploy and track 38 of its fuel cell systems in 10 organizations.
Privately held ClearEdge has grown from 31 employees to 225 in the last two years as demand for its five-kilowatt fuel cells has surged. The units have a list price of $56,000.
Though the company declined to discuss its fundraising, CEO Russell Ford told Sustainable Business Oregon in January that the company was working on its last private funding round, with an eye on an eventual initial public offering or strategic acquisition.
Fuel cells are large batteries that operate by turning hydrogen into electricity.
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