ClearEdge_Power

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ClearEdge Power, Inc. was a fuel cell manufacturer focusing on the stationary fuel cell. It was headquartered in South Windsor, Connecticut, U.S. The company employed 225 people as of August 2011.[2] It closed its operations in Connecticut in April 2014,[3] and filed for Chapter 11 bankruptcy protection in May 2014.[4][5] The company's assets were purchased out of bankruptcy by Doosan Fuel Cell America, Inc.[6][7]

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Headquarters of the former ClearEdge Power, Hillsboro, Oregon

History

ClearEdge Power, Inc. was founded in 2003 as Quantum Leap Technology by Ed Davis and[8][9] after Brett Vinsant and Ed Davis created the company's fuel cell in their garages in Hillsboro, Oregon.[10] In August 2005, Quantum Leap changed its name to ClearEdge Power.[9] In January 2006, they received a $2 million investment from a subsidiary of Applied Materials.[11] At that time the company built fuel cell systems to produce back-up power and for continuous power applications.[11] By May 2007, the company had grown to 20 employees and had raised $10 million in venture capital.[12] In early 2008, ClearEdge sold and installed its first fuel cell unit.[13]

ClearEdge received an additional $11 million in venture capital from Kohlberg Ventures LLC in January 2009.[14] On May 1, 2009, Russell Ford became the chief executive officer of the then 40-employee company,[15] with Slangerup joining the board of directors.[8]

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.[16] At that time the company had grown to 150 employees, and 95% of all capital raised came from Kohlberg Ventures.[8] ClearEdge raised a total of $29 million from Kohlberg in 2009 alone.[17] In November 2009, the company began to ship a five kilowatt fuel cell and had orders for 300 of the units by December 2009.[18][19] ClearEdge gained $11 million more in private financing in January 2010.[20][21]

In February 2010, a fuel cell was installed at a Hillsboro Fire Department station; local dignitaries included Congressman David Wu.[22] Wu’s district includes ClearEdge’s headquarters in Hillsboro, and Wu sponsored several bills that would provide tax credits for fuel cell customers.[22][23][24] 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.[23][25] Neither of Wu's bills 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.[26][27] 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.[28] This was the first large contract for the company outside of its core California market.[26] The company planned to build 1,000 units in 2010, and double that in 2011.[10] 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.[29] They raised $73.5 million in private equity funding in August 2011 to help expand sales to Europe and South Korea.[2]

In December 2012, ClearEdge reached an agreement with United Technologies Corp. to buy its fuel cell business, UTC Power.[30] In February 2013, ClearEdge closed on its acquisition of UTC Power.[31] The next month, the company reduced its workforce by 39%, with many layoffs coming at the former UTC unit.[32] Later that month the company announced it had raised another $36 million in capital.[33] In 2013, the company relocated its headquarters to Sunnyvale, California.[34] The former UTC unit in Connecticut was then closed without warning in April 2014 as the company weighed filing for bankruptcy protection.[3]

In July 2014, ClearEdge was purchased out of bankruptcy by Doosan Fuel Cell America, Inc. for 32.4 million, plus debt.[6][7]

Operations

Doosan Fuel Cell America, Inc.'s headquarters are in South Windsor, Connecticut. The main product is a four hundred kilowatt fuel cell.

The fuel cell is powered by natural gas which a membrane breaks down into water, heat, carbon dioxide (CO2), and hydrogen, with the latter passing through a second membrane where electricity is generated.[18] The micro combined heat and power fuel cell have approximately 85% total fuel efficiency.[13][18] PEM fuel systems have an electric efficiency of about 60% .[24]

See also

References

  1. [1]
    "CEO". doosanfuelcell.com. Archived from the original on 2015-02-26.
  2. [2]
    Young, Molly (August 23, 2011). "Hillsboro-based ClearEdge Power raises $73.5 million to finance global growth". The Oregonian. Retrieved August 24, 2011.
  3. [3]
    Young, Molly (April 28, 2014). "ClearEdge Power: 'No reasonable option' except pursuing bankruptcy, closing Connecticut operations". The Oregonian. Retrieved 30 April 2014.
  4. [4]
    Young, Molly (May 5, 2014). "ClearEdge Power files for bankruptcy as financial woes mount". The Oregonian. Retrieved 7 May 2014.
  5. [5]
    "Fuel-Cell Producer ClearEdge Power Files for Bankruptcy". Bloomberg.com. 2014-05-02. Retrieved 2021-01-08.
  6. [6]
    "South Korea's Doosan buys U.S. fuel cell maker ClearEdge for $32.4 million". Reuters. 2014-07-21.
  7. [7]
    "Doosan thriving after ClearEdge purchase". New Haven Register. 2015-01-30. Retrieved 2021-01-08.
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    Siemers, Erik (December 18, 2009). "ClearEdge hums along". Portland Business Journal. Retrieved 18 February 2010.
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    "Quantum Leap Technology changes name". Portland Business Journal. August 31, 2005. Retrieved 18 February 2010.
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    Weinstein, Nathalie (March 1, 2010). "ClearEdge Power keeping base in Oregon". Daily Journal of Commerce. Portland, Oregon. Retrieved 27 June 2010.
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    "Fuel cell startup lands $2M". Portland Business Journal. January 27, 2006. Retrieved 18 February 2010.
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    Kish, Matthew (May 4, 2007). "Fuel cell makers hope to make power lines obsolete". Portland Business Journal. Retrieved 18 February 2010.
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    Firestone, Rebecca (June 16, 2009). "Fuel Cells Offer Clean-Burning and Efficient Heat and Power". Green Compliance Plus. Archived from the original on 5 November 2009. Retrieved 18 February 2010.
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    Siemers, Erik (May 15, 2009). "ClearEdge seeks $30M". Portland Business Journal. Retrieved 18 February 2010.
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    "ClearEdge Power names president". Silicon Valley / San Jose Business Journal. May 5, 2009. Retrieved 18 February 2010. [dead link]
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    Siemers, Erik (January 6, 2010). "ClearEdge sustains brisk growth". Sustainable Business Oregon. American City Business Journals. Archived from the original on 16 July 2011. Retrieved 18 February 2010.
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    Rogoway, Mike (January 22, 2010). "Venture capital slides in Oregon, nationally". The Oregonian. Retrieved 18 February 2010.
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    Kanellos, Michael (November 24, 2009). "Will Fuel Cells Rival Solar in California?". Greentechenterprise. Greentech Media.
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    Soto, Onell R. (March 7, 2010). "Fueling the future: Fuel cells show promise". The San Diego Union-Tribune.
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    "ClearEdge nabs USD 11m to back fuel cells". ADP Renewable Energy Track. January 26, 2010.
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    sanjayV03 (January 28, 2010). "United States: ClearEdge works to make fuel cells common home appliances, raises $11M". TendersInfo. Euclid Infotech Pvt. Ltd.{{cite news}}: CS1 maint: numeric names: authors list (link)
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    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.
  23. [23]
    Learn, Scott (September 29, 2009). "Oregon congressman wants $100 million for energy upgrades in commercial buildings". The Oregonian. Retrieved 18 February 2010.
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    "Green Fuel Gone Residential". GreenHome. Sierra Club. Retrieved 18 February 2010.
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    "Clear Edge readies residential, small commercial fuel cells". Restructuring Today. GHI LLC. October 14, 2009. Archived from the original on 15 July 2011. Retrieved 18 February 2010.
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    Siemers, Erik (June 8, 2010). "Fuel-cell maker ClearEdge signs $40 million deal". Portland Business Journal. Retrieved 27 June 2010.
  27. [27]
    Hoch, Jessica (June 16, 2010). "ClearEdge scores $40 million in Korea - next stop Oregon?". Oregon Business. Archived from the original on June 20, 2010. Retrieved June 27, 2010.
  28. [28]
    Weinstein, Nathalie (June 10, 2010). "Hillsboro fuel cells go to Korea". Daily Journal of Commerce. Portland, Oregon. Retrieved 27 June 2010.
  29. [29]
    Williams, Christina (June 14, 2011). "ClearEdge awarded $2.8M DOE grant for fuel cell deployment". Sustainable Business Oregon. Archived from the original on 16 October 2011. Retrieved 24 July 2011.
  30. [30]
    "United Technologies selling unit to ClearEdge Power of Hillsboro". The Oregonian. Associated Press. December 22, 2012.
  31. [31]
    Nirappil, Fenit (February 12, 2013). "ClearEdge Power finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013.
  32. [32]
    Kane, Brad (March 14, 2013). "S. Windsor fuel cell maker reduces workforce 39 percent". Hartford Business Journal. Retrieved March 14, 2013.
  33. [33]
    Giegerich, Andy (March 18, 2013). "ClearEdge cleans up, nabbing a $36M financing round". Sustainable Business Oregon. Retrieved 20 March 2013.
  34. [34]
    "Amendment to Annual Report" (PDF). Business Entity Data. Oregon Secretary of State. Archived from the original (PDF) on 5 March 2014. Retrieved 5 March 2014.
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