Doosan Fuel Cell America

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]

Doosan Fuel Cell America, Inc.
TypeSubsidiary
IndustryAlternative energy
Founded2014
HeadquartersSouth Windsor, Connecticut, USA
37.38201°N 122.00848°W / 37.38201; -122.00848
Key people
Jeff Hyungrak Chung, President and CEO [1]
ProductsFuel cells
ParentDoosan Group
Websitewww.doosanfuelcell.com
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 has 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 has 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] CO2 and water are the only waste produced. 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. "CEO". doosanfuelcell.com. Archived from the original on 2015-02-26.
  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. Young, Molly (April 28, 2014). "ClearEdge Power: 'No reasonable option' except pursuing bankruptcy, closing Connecticut operations". The Oregonian. Retrieved 30 April 2014.
  4. Young, Molly (May 5, 2014). "ClearEdge Power files for bankruptcy as financial woes mount". The Oregonian. Retrieved 7 May 2014.
  5. "Fuel-Cell Producer ClearEdge Power Files for Bankruptcy". Bloomberg.com. 2014-05-02. Retrieved 2021-01-08.
  6. "South Korea's Doosan buys U.S. fuel cell maker ClearEdge for $32.4 million". Reuters. 2014-07-21.
  7. "Doosan thriving after ClearEdge purchase". New Haven Register. 2015-01-30. Retrieved 2021-01-08.
  8. Siemers, Erik (December 18, 2009). "ClearEdge hums along". Portland Business Journal. Retrieved 18 February 2010.
  9. "Quantum Leap Technology changes name". Portland Business Journal. August 31, 2005. Retrieved 18 February 2010.
  10. Weinstein, Nathalie (March 1, 2010). "ClearEdge Power keeping base in Oregon". Daily Journal of Commerce. Portland, Oregon. Retrieved 27 June 2010.
  11. "Fuel cell startup lands $2M". Portland Business Journal. January 27, 2006. Retrieved 18 February 2010.
  12. Kish, Matthew (May 4, 2007). "Fuel cell makers hope to make power lines obsolete". Portland Business Journal. Retrieved 18 February 2010.
  13. Firestone, Rebecca (June 16, 2009). "Fuel Cells Offer Clean-Burning and Efficient Heat and Power". Green Compliance Plus. Retrieved 18 February 2010.
  14. Siemers, Erik (May 15, 2009). "ClearEdge seeks $30M". Portland Business Journal. Retrieved 18 February 2010.
  15. "ClearEdge Power names president". Silicon Valley / San Jose Business Journal. May 5, 2009. Retrieved 18 February 2010.
  16. Siemers, Erik (January 6, 2010). "ClearEdge sustains brisk growth". Sustainable Business Oregon. American City Business Journals. Retrieved 18 February 2010.
  17. Rogoway, Mike (January 22, 2010). "Venture capital slides in Oregon, nationally". The Oregonian. Retrieved 18 February 2010.
  18. Kanellos, Michael (November 24, 2009). "Will Fuel Cells Rival Solar in California?". Greentechenterprise. Greentech Media.
  19. Soto, Onell R. (March 7, 2010). "Fueling the future: Fuel cells show promise". The San Diego Union-Tribune.
  20. "ClearEdge nabs USD 11m to back fuel cells". ADP Renewable Energy Track. January 26, 2010.
  21. sanjayV03 (January 28, 2010). "United States: ClearEdge works to make fuel cells common home appliances, raises $11M". TendersInfo. Euclid Infotech Pvt. Ltd.
  22. 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. Learn, Scott (September 29, 2009). "Oregon congressman wants $100 million for energy upgrades in commercial buildings". The Oregonian. Retrieved 18 February 2010.
  24. "Green Fuel Gone Residential". GreenHome. Sierra Club. Retrieved 18 February 2010.
  25. "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.
  26. Siemers, Erik (June 8, 2010). "Fuel-cell maker ClearEdge signs $40 million deal". Portland Business Journal. Retrieved 27 June 2010.
  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. Weinstein, Nathalie (June 10, 2010). "Hillsboro fuel cells go to Korea". Daily Journal of Commerce. Portland, Oregon. Retrieved 27 June 2010.
  29. Williams, Christina (June 14, 2011). "ClearEdge awarded $2.8M DOE grant for fuel cell deployment". Sustainable Business Oregon. Retrieved 24 July 2011.
  30. "United Technologies selling unit to ClearEdge Power of Hillsboro". The Oregonian. Associated Press. December 22, 2012.
  31. Nirappil, Fenit (February 12, 2013). "ClearEdge Power finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013.
  32. Kane, Brad (March 14, 2013). "S. Windsor fuel cell maker reduces workforce 39 percent". Hartford Business Journal. Retrieved March 14, 2013.
  33. Giegerich, Andy (March 18, 2013). "ClearEdge cleans up, nabbing a $36M financing round". Sustainable Business Oregon. Retrieved 20 March 2013.
  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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