ClearEdge Power

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ClearEdge Power, Inc.
Type Private
Industry Alternative energy
Founded 2003
Headquarters Hillsboro, Oregon, USA (HQ)
45°32′53″N 122°54′21″W / 45.54800°N 122.90595°W / 45.54800; -122.90595Coordinates: 45°32′53″N 122°54′21″W / 45.54800°N 122.90595°W / 45.54800; -122.90595
Key people David Wright, President and CEO
Products Fuel cells
Employees 200+ (2011)
Website www.clearedgepower.com

ClearEdge Power, Inc. is a fuel cell manufacturer focusing on the stationary fuel cell and small business markets. It is headquartered in Hillsboro, Oregon, U.S. in the Portland metropolitan area's Silicon Forest. The company employed 225 people as of August 2011.[1]

History

The company was founded in 2003 as Quantum Leap Technology[2][3] after Brett Vinsant created the company's fuel cell in his garage in Hillsboro, Oregon.[4] In August 2005, Quantum Leap changed its name to ClearEdge Power.[3] In January 2006, they received a $2 million investment from a subsidiary of Applied Materials.[5] At that time the company built fuel cell systems to produce back-up power and for continuous power applications.[5] By May 2007, the company had grown to 20 employees and had raised $10 million in venture capital.[6] In early 2008, ClearEdge sold and installed its first fuel cell unit.[7]

ClearEdge received an additional $11 million in venture capital from Kohlberg Ventures LLC in January 2009.[8] On May 1, 2009, Russell Ford became the President and in July 2009 was promoted to Chief Executive Officer of the then 40-employee company,[9] with Slangerup joining the board of directors.[2]

Company headquarters in Hillsboro

The company expanded the 55,000-square-foot (5,100 m2) headquarters to 80,000 square feet (7,400 m2) in December 2009 after receiving an additional $15 million in venture capital from Kohlberg Ventures.[10] At that time the company had grown to 150 employees, and 95% of all capital raised came from Kohlberg Ventures.[2] ClearEdge raised a total of $29 million from Kohlberg in 2009 alone.[11] In November 2009, the company began to ship a five kilowatt fuel cell and had orders for 300 of the units by December 2009.[12][13] ClearEdge gained $11 million more in private financing in January 2010.[14][15]

In February 2010, a fuel cell was installed at a Hillsboro Fire Department station; local dignitaries included Congressman David Wu.[16] Wu’s district includes ClearEdge’s headquarters in Hillsboro, and Wu has sponsored several bills that would provide tax credits for fuel cell customers.[16][17][18] ClearEdge backed one of the bills, which would increase the federal tax credit for installing a fuel cell at a residence to be same as for businesses.[17][19] Neither of Wu’s bills have made it out of committee.

ClearEdge signed a $40 million deal in June 2010 to supply 800 fuel cells to Korean based LS Industrial Systems over a three-year period.[20][21] LS Industrial Systems would sell the ClearEdge5 units in Korea, which had recently required 10 percent of power on new construction come from renewable power.[22] This was the first large contract for the company outside of its core California market.[20] The company planned to build 1,000 units in 2010, and double that in 2011.[4] ClearEdge was awarded a $2.8 million federal Department of Energy grant that would allow them to provide 38 fuel cells to ten different organizations including a grocery store and community college.[23] They raised $73.5 million in private equity funding in August 2011 to help expand sales to Europe and South Korea.[1]

In December 2012, ClearEdge reached an agreement with United Technologies Corp. to buy its fuel cell business, UTC Power.[24] In February 2013, ClearEdge closed on its acquisition of UTC Power.[25] The next month, the company reduced its workforce by 39%, with many layoffs coming at the former UTC unit.[26] Later that month the company announced it had raised another $36 million in capital.[27]

Operations

Production facility

ClearEdge Power is headquartered in Sunnyvale, CA, with its research and development in Hillsboro, OR,[8] and Manufacturing in South Windsor, CT.[2] The main product is a five kilowatt fuel cell, though there were plans for a 10 kW unit, and as small as 2 kW.[12][19] The fuel cell chemically breaks natural gas (CH4) down into carbon and hydrogen. The membrane allows the hydrogen proton to pass while directing the electron around the membrane. The byproducts are electricity, heat, water, and carbon dioxide (CO2).[12]The fuel cell is approximately 90% efficient if all of the heat is used.[7][12] Traditional fuel systems are about 30% efficient.[18]

Products

The main products are the PureCell System Model 5 and Model 400,[2] which produce 5kW and 400kW respectively, with the heat by-product suitable for space and water heating.[12] In all, a single 5kW fuel cell can produce 43.8 megawatt hours of electricity annually,[12] and has a 20 year lifespan.[18] ClearEdge sells to residential, commercial and utility customers who value electricity, heat and the continuous production of both.[12] The primary market for the 5kW unit is large homes and small businesses, though the marketing and sales focus is on California where high energy prices and government incentives make the units more feasible.[2][19] The Model 5 is about the size of a commercial refrigerator.[15] ClearEdge is looking to integrate its 5 kW product with its recently acquired 400 kW units, PureCell Systems, as a way to broaden in the marketplace.[27]

See also

References

  1. ↑ 1.0 1.1 Young, Molly (August 23, 2011). "Hillsboro-based ClearEdge Power raises $73.5 million to finance global growth". The Oregonian. Retrieved August 24, 2011. 
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Siemers, Erik (December 18, 2009). "ClearEdge hums along". Portland Business Journal. Retrieved 18 February 2010. 
  3. ↑ 3.0 3.1 "Quantum Leap Technology changes name". Portland Business Journal. August 31, 2005. Retrieved 18 February 2010. 
  4. ↑ 4.0 4.1 Weinstein, Nathalie (March 1, 2010). "ClearEdge Power keeping base in Oregon". Daily Journal of Commerce (Portland, Oregon). Retrieved 27 June 2010. 
  5. ↑ 5.0 5.1 "Fuel cell startup lands $2M". Portland Business Journal. January 27, 2006. Retrieved 18 February 2010. 
  6. ↑ Kish, Matthew (May 4, 2007). "Fuel cell makers hope to make power lines obsolete". Portland Business Journal. Retrieved 18 February 2010. 
  7. ↑ 7.0 7.1 Firestone, Rebecca (June 16, 2009). "Fuel Cells Offer Clean-Burning and Efficient Heat and Power". Green Compliance Plus. Retrieved 18 February 2010. 
  8. ↑ 8.0 8.1 Siemers, Erik (May 15, 2009). "ClearEdge seeks $30M". Portland Business Journal. Retrieved 18 February 2010. 
  9. ↑ "ClearEdge Power names president". Silicon Valley / San Jose Business Journal. May 5, 2009. Retrieved 18 February 2010. 
  10. ↑ Siemers, Erik (January 6, 2010). "ClearEdge sustains brisk growth". Sustainable Business Oregon (American City Business Journals). Retrieved 18 February 2010. 
  11. ↑ Rogoway, Mike (January 22, 2010). "Venture capital slides in Oregon, nationally". The Oregonian. Retrieved 18 February 2010. 
  12. ↑ 12.0 12.1 12.2 12.3 12.4 12.5 12.6 Kanellos, Michael (November 24, 2009). "Will Fuel Cells Rival Solar in California?". greentechenterprise (Greentech Media). 
  13. ↑ Soto, Onell R. (March 7, 2010). "Fueling the future: Fuel cells show promise". The San Diego Union-Tribune. 
  14. ↑ "ClearEdge nabs USD 11m to back fuel cells". ADP Renewable Energy Track. January 26, 2010. 
  15. ↑ 15.0 15.1 sanjayV03 (January 28, 2010). "United States: ClearEdge works to make fuel cells common home appliances, raises $11M". TendersInfo (Euclid Infotech Pvt. Ltd.). 
  16. ↑ 16.0 16.1 Oram, Bill (February 17, 2010). "Rep. David Wu to learn how fuel cells are made, tour Hillsboro plant that makes 'em". The Oregonian. Retrieved 18 February 2010. 
  17. ↑ 17.0 17.1 Learn, Scott (September 29, 2009). "Oregon congressman wants $100 million for energy upgrades in commercial buildings". The Oregonian. Retrieved 18 February 2010. 
  18. ↑ 18.0 18.1 18.2 "Green Fuel Gone Residential". GreenHome. Sierra Club. Retrieved 18 February 2010. 
  19. ↑ 19.0 19.1 19.2 "Clear Edge readies residential, small commercial fuel cells". Restructuring Today (GHI LLC). October 14, 2009. Retrieved 18 February 2010. 
  20. ↑ 20.0 20.1 Siemers, Erik (June 8, 2010). "Fuel-cell maker ClearEdge signs $40 million deal". Portland Business Journal. Retrieved 27 June 2010. 
  21. ↑ Hoch, Jessica (June 16, 2010). "ClearEdge scores $40 million in Korea - next stop Oregon?". Oregon Business. 
  22. ↑ Weinstein, Nathalie (June 10, 2010). "Hillsboro fuel cells go to Korea". Daily Journal of Commerce (Portland, Oregon). Retrieved 27 June 2010. 
  23. ↑ Williams, Christina (June 14, 2011). "ClearEdge awarded $2.8M DOE grant for fuel cell deployment". Sustainable Business Oregon. Retrieved 24 July 2011. 
  24. ↑ "United Technologies selling unit to ClearEdge Power of Hillsboro". The Oregonian. Associated Press. December 22, 2012. 
  25. ↑ Nirappil, Fenit (February 12, 2013). "ClearEdge Power finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013. 
  26. ↑ Kane, Brad (March 14, 2013). "S. Windsor fuel cell maker reduces workforce 39 percent". Hartford Business Journal. Retrieved March 14, 2013. 
  27. ↑ 27.0 27.1 Giegerich, Andy (March 18, 2013). "ClearEdge cleans up, nabbing a $36M financing round". Sustainable Business Oregon. Retrieved 20 March 2013. 

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