ClearEdge Power Inc. landed $73.5 million in what is likely to be its last round of investment before a planned initial public offering of stock.
ClearEdge Power Inc. landed $73.5 million in what is likely to be its last round of investment before a planned initial public offering of stock.
Part of the investment earned was an initial close of $13.5 million in July.
“In this environment to raise this kind of money is really amazing,” said Mike Upp, vice president of marketing at ClearEdge. The company will use the money to expand into new markets and ramp up sales and marketing.
The investment also comes at a tipping point in the market for fuel cells. Pike Research reports that growth in the stationary fuel cell industry was 27 percent over the last two years.
While the company does not disclose revenue, ClearEdge reports a year over year increase of more than 400 percent for the second quarter.
Read more at Sustainable Business Oregon.
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