ClearEdge cleans up, nabbing a $36M financing round
By Andy Giegerich
Digital Managing Editor
ClearEdge will use the $36 million to expand its sales base, among other functions.
A huge — $36 million — financing round could help Hillsboro’s ClearEdge Power expand sales activities related to its December purchase of another fuel cell company.
ClearEdge announced Monday it raised the money from “equity financing.” A company spokeswoman didn’t have further details on the exact funding mechanism.
ClearEdge had not filed a Securities and Exchange form at press time.
ClearEdge’s Jennifer Sager did say, though that the cash will help ClearEdge parlay its position as a fuel cell industry leader three months after the company bought UTC Power.
“We’re going to use the $36 million to basically support the integration of our 5 kW and 400 kW unit (products) for our customers,” Sager said. “We’re looking to broaden the marketplace so that we not only serve current customers but rapidly expand our sales activity and support the manufacturing to do so.”
Sager said the company is still working out other specifics of how to use the money. She said she’s not sure whether the money would help bring back jobs ClearEdge lost last fall. The company’s workforce was at 70 employees last year, down from a high of 150.
“Continuing to strengthen our financial resources along with our recent acquisition of UTC Power enables us to address the demand for clean, continuous, distributed power solutions from an expanded customer base,” David Wright, ClearEdge Power’s president and CEO, said in a statement. “Our strong balance sheet enables us to make decisions that ensure profitable growth.”
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