ClearEdge announces $500M fuel cell deal
By Christina Williams
Sustainable Business Oregon editor
Güssing's biogas reactor will provide renewable fuel to power the deployment of thousands of ClearEdge Power's fuel cells in Austria.
ClearEdge Power announced Tuesday morning a blockbuster deal that will have the company deploying thousands of fuel cells in Europe and bringing in some $500 million in revenue between now and 2020.
Güssing Renewable Energy GmbH, a ClearEdge investor and Austria-based energy company, will work with ClearEdge to deploy 50 megawatts in fuel cells in that country that will run on renewable biogas.
"This is a quantum leap forward for the fuel cell industry and for the companies involved," said Mike Upp, marketing vice president for ClearEdge. "This deal is not only big but it will prove that we can run our fuel cells using renewable fuel."
The partnership is thought to be the largest of its kind in the stationary fuel cell industry and will create an unspecified number of ClearEdge jobs both in Oregon and in Europe.
"It is a pretty monumental deal," said Sam Jaffe, research manager for IDC Energy Insights. "It will be probably the largest fuel cell installation in the world."
Güssing Renewable Energy, formed in 2009 in an Austrian town that has become synonymous with community-scale renewable energy success, invests around the world in carbon-neutral energy technologies. The company joined ClearEdge's $73.5 million series E investment round announced last August.
Güssing's commitment to fuel cell installation makes use of the combined heat and power generation to provide district heat and electricity at a much lower price point than traditional energy generation.
Fuel cells are able to efficiently use gas to create electricity and are viewed as relatively "clean" energy source. The use of biogas to operate the cells, though, makes it a carbon-neutral option.
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