Fuel cell company ClearEdge raises $3M > Fuel Cell Dispatch

Fuel cell company ClearEdge raises $3M

ClearEdge Power Inc. raised an additional $3 million in debt and securities, according to paperwork filed with the U.S. Securities and Exchange Commission.

The additional capital comes a few months after a $1 million investment in the Hillsboro-based fuel cell company by Southern California Gas Co. in January.

Venture-backed ClearEdge is gaining traction in the market for its combined heat and power fuel cells, the ClearEdge 5, which run on natural gas and provide a highly efficient source of power.

ClearEdge CEO Russell Ford, said in January that the company was working with Goldman Sachs to pursue funding in addition to the $25 million raised by the company.

If the fuel cell business continues to pick up speed, ClearEdge could be a candidate for an initial public offering of stock.

Earlier this month, ClearEdge announced a deal with the Irvine Unified School District to install a dozen fuel cells at two Southern California high schools — a move expected to save each school $18,000 per year in operating expenses. In February, the widow of Gene Autry opened up her home to Palm Springs-area dignitaries to show off her ClearEdge fuel cells.

The relatively high cost of power has made the California market attractive for ClearEdge. The company also secured a partnership last year to distribute fuel cells in Korea.

Source: Christina Williams, Sustainable Business Oregon