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ClearEdge Raises $36 Million

March 19, 2013

Fuel cells, despite their reliance on natural gas, still remain a part of the future for clean energy development. And despite the environmental hazards associated with fracking, money is still pouring into these companies as ClearEdge announced today they have raised $36 million in equity financing.

The Hillsborough, Oregon-based company states they will be using the cash to server current customers, support manufacturing operations, rapidly expand sales activities.

But with their recent purchase of the much larger UTC Power, a former subsidiary of United Technologies Corporation, the company probably needs a cash infusion to replenish its coffers. Last week ClearEdge released 39 percent of its employees, most of whom were associated with UTC Power.

In August 2011 ClearEdge made headlines by announcing a $73.5 million Series E round that was led by new investor Artis Capital Management and also included Austrian-based Güssing Renewable Energy; Southern California Gas Company (SRE :NYSE), and existing investor Kohlberg Ventures. The Series E round brought the company’s venture capital total to around $100 million.

Still, ClearEdge is far short of the $400 million rival fuel cell manufacturer Bloom Energy has raised but thanks to its recent acquisition, it now has the products to compete with them.

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