Fuel-cell firm ClearEdge Power raises $73.5m to fuel growth

Fuel-cell manufacturer ClearEdge Power has raised $73.5 million in financing through the sale of new shares and the conversion of previously issued promissory notes.

The company expects to use the funds to expand its customer base in key commercial markets, grow internationally and develop and commercialize new products. ClearEdge makes stationary fuel cells that convert natural gas into electricity and heat.

The company’s latest round of financing was led by new investor Artis Capital Management and included Austrian-based Güssing Renewable Energy, Southern California Gas Company and existing investor Kohlberg Ventures.

The funding comes on the heels of ClearEdge reporting year-over-year revenue growth of more than 480 percent for the recently completed second quarter of 2011. The company has also added more than employees over the past three years, representing more than 300 percent growth. And in June, ClearEdge secured a $2.8 million combined industry and government award from the US Department of Energy’s Pacific Northwest National Laboratory.