First published in Cleantech magazine 2011 Issue 5. Copyright Cleantech Investor Ltd
ClearEdge raises US$73.5m
ClearEdge Power, the PEM fuel cell manufacturer based in Oregon, announced in August that it had raised US$73.5 million in Series E funding. The round was led by new investor, Artis Capital Management, and included Austrian company Güssing Renewable Energy, Southern California Gas Company, and existing investor Kohlberg Ventures. ClearEdge provides distributed generation solutions for light commercial applications. The company recorded annual revenue growth of 480% in the second quarter of this year and has sold systems to a number of industries including utilities, public sector and residential. It is reportedly planning to launch a fuel cell product for data centres later this year.
Bloom Energy – reported fund raising
Bloom Energy, the California-based fuel cell company, is reported to have raised a further US$150 million, taking total funds raised so far to over US$550 million. Bloom is reported to have been valued at US$2.7 billion before the latest round. The company, which has received backing from investors including Kleiner Perkins, is amongst the most high profile (if also highly secretive) fuel cell companies which appear to be making headway. Bloom supplies on-site power generation systems, or Energy Servers™ - solid oxide fuel cells, each providing 100kW of power. The company has a number of high profile customers operating data centres, especially in California where there are state subsidies in place to incentivise the use of the ‘Bloom Box’. Customers include Google, eBay, NTT, AT&T and Adobe.
myFC completes second tranche
Elsewhere, myFC announced that it had raised a round of expansion funding from investors including KTH Chalmers Capital and the Sixth Swedish National Pension Fund. myFC has developed the PowerTrekk portable device, which combines a portable battery pack with a fuel cell, for electronics devices. The company was advised by GP Bullhound.
ACAL raises £6m
ACAL Energy, a Cheshire-based fuel cell firm, raised £6 million in a funding round in June from existing investors including Carbon Trust Investments Limited, Solvay SA and a leading Japanese automotive corporation, alongside new investors Parkwalk UK Technology Fund and i2BF. ACAL Energy, which was founded in 2004, has developed a low cost fuel cell.
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