January 10th, 2012

ClearEdge Power signs $500 million deal


ClearEdge Power signs $500 million deal

While green energy may be a little out of my range, I couldn’t resist covering this.

ClearEdge Power—which makes onsite power systems—has signed a $500 million deal with Güssing Renewable Energy GmbH, a provider of carbon-neutral energy solutions.

Headquartered in the Austrian town of Güssing, the first community in the European Union to produce 100 percent of its energy from renewable resources, Güssing Renewable Energy offers customizable and instantly usable carbon-neutral solutions that help communities produce clean, reliable energy. These solutions include proven anaerobic technology that can convert organic mass into high-purity biogas that can be used to cleanly and cost-effectively generate electric power and heat in fuel cells like the ClearEdge systems. Under the agreement with ClearEdge Power, Güssing Renewable Energy has agreed to sell, install and service ClearEdge systems in Austria and also has the opportunity to foster adoption within Western European markets. The agreement builds on Güssing Renewable Energy’s participation in the recent ClearEdge Power Series E financing round and is designed to support the installation of 8.5 MW of fuel cell systems in Austria over the next 36 months, which will then rise to 50 MW by 2020.

This continues a string of wins for ClearEdge.

The record-setting agreement with Güssing Renewable Energy builds on ClearEdge Power’s forward momentum in 2011. Recent highlights include the expansion of its portfolio of continuous onsite power systems, including industry-first innovations in areas such as reliability, scalability and flexibility. The company also successfully completed a $73.5 million Series E financing round and secured a DOE grant to support the adoption of fuel cell technologies in different vertical markets. In addition, ClearEdge Power has seen strong customer adoption in a variety of industries, including multi-tenant housing, hospitality, education, utility, public sector and residential.

For more information, read the ClearEdge press release.

(Hat tip Rob Wilcox)

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