ClearEdge Power is edging its way toward becoming a larger player in the commercial fuel cell industry. The company develops and manufactures fuel cell systems that power commercial and residential buildings, as well as buses and automobiles. These products address growing global demand for clean, distributed power that helps customers reduce electricity bills, improve energy efficiency, and cut down on carbon emissions. In early 2013 ClearEdge Power significantly beefed up its technology portfolio when it acquired and combined with larger Connecticut-based rival UTC Power, formerly a subsidiary of United Technologies.
Mergers and Acquisitions
ClearEdge Power acquired UTC Power in February 2013 for an undisclosed amount. Prior to the deal ClearEdge Power mainly made stationary fuel cells for buildings, but the addition of UTC Power gave it capabilities in producing fuel cell systems for fleet buses and larger buildings like hospitals and supermarkets. Former parent United Technologies divested UTC Power in an effort to focus on its core aerospace and building systems.
ClearEdge Power has been working to expand globally in parts of Europe and Asia (specifically South Korea). It gained additional strength in the US market when it bought UTC Power, which catered to states with incentives for buying fuel cells, such as California, New York, and New Jersey.
ClearEdge Power sells its fuel cell systems to owners of office buildings, housing projects, medical facilities, and hotels via partnerships with building developers, architects, contractors, and energy consultants. ClearEdge systems are geared toward projects that are trying to meet long-term cost reduction or environmental objectives, such as attaining LEED certification.
ClearEdge Power continues to serve UTC Power's customers with the PureCell fuel cell system for buildings, which is a combined heat and power system.
Sales and Marketing
Many of its customers have stringent energy needs. They have included Albertsons, Coca-Cola Refreshments USA, and Cox Communications. ClearEdge also continues to work with the US Department of Energy and global automobile manufacturers to develop new technologies that improve fuel cell durability and performance. Additionally, transit agencies in the US and Europe that use fuel cells in their buses and fleet vehicles are among ClearEdge's customers.
In 2013 ClearEdge raised $36 million in equity financing to support its manufacturing operations and expand its sales activities.
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