ClearEdge lands the big one: $73.5M
By Christina Williams
Editor, Sustainable Business Oregon
ClearEdge Power's new $73.5 million investment comes as the market for stationary fuel cells is heating up.
"It's definitely more orders in the U.S., although Korea is starting to kick in," Upp said.
While high-profile fuel cell company Bloom Energy dominates the market for fuel cell installations of larger than 100 kilowatts, ClearEdge specializes in installations of under 100 kilowatts. Fuel cells are popular energy solutions for buildings because they provide consistent, baseload power with a reduced carbon impact.
ClearEdge customers include businesses, hotels and multifamily housing units. States with incentives for renewable energy and relatively high energy costs — California is a case in point — are strong markets for ClearEdge. The ClearEdge 5 retails for $56,000.
Pike Research estimates sales for the fuel cell sector to surpass 1.2 million units annually by 2017.
Having created more than 100 jobs in recent years — the company's headcount sits at 225 employees — ClearEdge is a high flier of Oregon's clean technology industry and likely its best hope for an IPO.
CEO Russell Ford said in January the company is aiming for a public offering.
"It's definitely still part of the plan," Upp said. "This is hopefully the last round we raise before we go to an IPO."
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