HyAxiom explained

Doosan Fuel Cell America, Inc.
Type:Subsidiary
Foundation:2014
Location:South Windsor, Connecticut, USA
Key People:Jeff Hyungrak Chung, President and CEO [1]
Products:Fuel cells
Industry:Alternative energy
Parent:Doosan Group

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. It closed its operations in Connecticut in April 2014,[2] and filed for Chapter 11 bankruptcy protection in May 2014.[3] [4] The company's assets were purchased out of bankruptcy by Doosan Fuel Cell America, Inc.[5]

History

ClearEdge Power, Inc. was founded in 2003 as Quantum Leap Technology by Ed Davis and[6] after Brett Vinsant and Ed Davis created the company's fuel cell in their garages in Hillsboro, Oregon.[7] In August 2005, Quantum Leap changed its name to ClearEdge Power.[6] In January 2006, they received a $2 million investment from a subsidiary of Applied Materials.[8] At that time the company built fuel cell systems to produce back-up power and for continuous power applications.[8] By May 2007, the company had grown to 20 employees and had raised $10 million in venture capital.[9] In early 2008, ClearEdge sold and installed its first fuel cell unit.

ClearEdge received an additional $11 million in venture capital from Kohlberg Ventures LLC in January 2009.[10] On May 1, 2009, Russell Ford became the chief executive officer of the then 40-employee company,[11] with Slangerup joining the board of directors.[12]

The company expanded the 55000ft2 headquarters to in December 2009 after receiving an additional $15 million in venture capital from Kohlberg Ventures.[13] At that time the company had grown to 150 employees, and 95% of all capital raised came from Kohlberg Ventures.[12] ClearEdge raised a total of $29 million from Kohlberg in 2009 alone.[14] In November 2009, the company began to ship a five kilowatt fuel cell and had orders for 300 of the units by December 2009.[15] ClearEdge gained $11 million more in private financing in January 2010.[16] [17]

In February 2010, a fuel cell was installed at a Hillsboro Fire Department station; local dignitaries included Congressman David Wu.[18] Wu’s district includes ClearEdge’s headquarters in Hillsboro, and Wu sponsored several bills that would provide tax credits for fuel cell customers.[18] [19] 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.[19] [20] 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.[21] [22] 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.[23] This was the first large contract for the company outside of its core California market.[21] The company planned to build 1,000 units in 2010, and double that in 2011.[7] 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.[24] They raised $73.5 million in private equity funding in August 2011 to help expand sales to Europe and South Korea.[25]

In December 2012, ClearEdge reached an agreement with United Technologies Corp. to buy its fuel cell business, UTC Power.[26] In February 2013, ClearEdge closed on its acquisition of UTC Power.[27] The next month, the company reduced its workforce by 39%, with many layoffs coming at the former UTC unit.[28] Later that month the company announced it had raised another $36 million in capital.[29] In 2013, the company relocated its headquarters to Sunnyvale, California.[30] The former UTC unit in Connecticut was then closed without warning in April 2014 as the company weighed filing for bankruptcy protection.[2]

In July 2014, ClearEdge was purchased out of bankruptcy by Doosan Fuel Cell America, Inc. for 32.4 million, plus debt.[31]

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.[32] The micro combined heat and power fuel cell have approximately 85% total fuel efficiency.[33] PEM fuel systems have an electric efficiency of about 60% .[34]

See also

External links

Notes and References

  1. Web site: CEO . doosanfuelcell.com . dead . https://web.archive.org/web/20150226030753/http://www.doosanfuelcell.com/en/corporate/ceo.do . 2015-02-26 .
  2. News: Young. Molly. ClearEdge Power: 'No reasonable option' except pursuing bankruptcy, closing Connecticut operations. 30 April 2014. The Oregonian. April 28, 2014.
  3. News: Young. Molly. May 5, 2014. ClearEdge Power files for bankruptcy as financial woes mount. 7 May 2014. The Oregonian.
  4. News: 2014-05-02. Fuel-Cell Producer ClearEdge Power Files for Bankruptcy. en. Bloomberg.com. 2021-01-08.
  5. Web site: 2015-01-30. Doosan thriving after ClearEdge purchase. 2021-01-08. New Haven Register. en-US.
  6. News: Quantum Leap Technology changes name . August 31, 2005 . Portland Business Journal . 18 February 2010.
  7. News: ClearEdge Power keeping base in Oregon . Weinstein . Nathalie . March 1, 2010 . Daily Journal of Commerce . 27 June 2010 . Portland, Oregon.
  8. News: Fuel cell startup lands $2M . January 27, 2006 . Portland Business Journal . 18 February 2010.
  9. News: Fuel cell makers hope to make power lines obsolete . Kish . Matthew . May 4, 2007 . Portland Business Journal . 18 February 2010.
  10. News: ClearEdge seeks $30M . Siemers . Erik . May 15, 2009 . Portland Business Journal . 18 February 2010.
  11. News: ClearEdge Power names president . May 5, 2009 . Silicon Valley / San Jose Business Journal . 18 February 2010.
  12. News: ClearEdge hums along . Siemers . Erik . December 18, 2009 . Portland Business Journal . 18 February 2010.
  13. News: ClearEdge sustains brisk growth . Siemers . Erik . January 6, 2010 . Sustainable Business Oregon . American City Business Journals . 18 February 2010 . 16 July 2011 . https://web.archive.org/web/20110716165926/http://www.sustainablebusinessoregon.com/articles/2010/01/clearedge_sustains_brisk_growth.html . dead .
  14. News: Venture capital slides in Oregon, nationally . Rogoway . Mike . January 22, 2010 . The Oregonian . 18 February 2010.
  15. News: Fueling the future: Fuel cells show promise . Soto . Onell R. . March 7, 2010 . .
  16. January 26, 2010 . ClearEdge nabs USD 11m to back fuel cells . ADP Renewable Energy Track.
  17. News: United States: ClearEdge works to make fuel cells common home appliances, raises $11M . sanjayV03 . January 28, 2010 . TendersInfo . Euclid Infotech Pvt. Ltd. .
  18. News: Rep. David Wu to learn how fuel cells are made, tour Hillsboro plant that makes 'em . Oram . Bill . February 17, 2010 . The Oregonian . 18 February 2010.
  19. News: Oregon congressman wants $100 million for energy upgrades in commercial buildings . Learn . Scott . September 29, 2009 . The Oregonian . 18 February 2010.
  20. News: Clear Edge readies residential, small commercial fuel cells . October 14, 2009 . Restructuring Today . GHI LLC . 18 February 2010 . dead . https://web.archive.org/web/20110715174701/http://www.restructuringtoday.com/public/8660.cfm?sd=77 . 15 July 2011 .
  21. News: Fuel-cell maker ClearEdge signs $40 million deal . Siemers . Erik . June 8, 2010 . Portland Business Journal . 27 June 2010.
  22. ClearEdge scores $40 million in Korea - next stop Oregon? . Hoch . Jessica . June 16, 2010 . Oregon Business . June 27, 2010 . https://web.archive.org/web/20100620045554/http://www.oregonbusiness.com/free-range/86-the-latest/3662-clearedge-to-target-oregon . June 20, 2010 . dead .
  23. News: Hillsboro fuel cells go to Korea . Weinstein . Nathalie . June 10, 2010 . Daily Journal of Commerce . 27 June 2010 . Portland, Oregon.
  24. News: Williams. Christina. ClearEdge awarded $2.8M DOE grant for fuel cell deployment. 24 July 2011. Sustainable Business Oregon. June 14, 2011. 16 October 2011. https://web.archive.org/web/20111016134114/http://www.sustainablebusinessoregon.com/articles/2011/06/clearedge-awarded-28m-doe-grant-for.html. dead.
  25. News: Young. Molly. Hillsboro-based ClearEdge Power raises $73.5 million to finance global growth. August 24, 2011. The Oregonian. August 23, 2011.
  26. News: Associated Press. United Technologies selling unit to ClearEdge Power of Hillsboro. The Oregonian. December 22, 2012.
  27. News: Nirappil. Fenit. ClearEdge Power finalizes acquisition of UTC Power. 24 February 2013. The Oregonian. February 12, 2013.
  28. News: Kane. Brad. S. Windsor fuel cell maker reduces workforce 39 percent. March 14, 2013. Hartford Business Journal. March 14, 2013.
  29. News: Giegerich. Andy. ClearEdge cleans up, nabbing a $36M financing round. 20 March 2013. Sustainable Business Oregon. March 18, 2013.
  30. Web site: Amendment to Annual Report . Business Entity Data . Oregon Secretary of State . 5 March 2014 . dead . https://web.archive.org/web/20140305085308/http://records.sos.state.or.us/webdrawer/webdrawer.dll/webdrawer/rec/2810246/view/SOS%20-%20Corporation%20-%20Business%20Entity%20Filing%20Records%20-%2015787492.PDF . 5 March 2014 .
  31. News: South Korea's Doosan buys U.S. fuel cell maker ClearEdge for $32.4 million. Reuters. 2014-07-21.
  32. Will Fuel Cells Rival Solar in California? . Kanellos . Michael . November 24, 2009 . Greentechenterprise . Greentech Media.
  33. Web site: Fuel Cells Offer Clean-Burning and Efficient Heat and Power. Firestone. Rebecca. June 16, 2009. Green Compliance Plus. 18 February 2010. 5 November 2009. https://web.archive.org/web/20091105182443/http://greencomplianceplus.markenglisharchitects.com/interviews/fuel-cells-offer-clean-burning-efficient-heat-power/. dead.
  34. Web site: Green Fuel Gone Residential . GreenHome. Sierra Club. 18 February 2010.

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