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Doosan Fuel Cell America, Inc.
Company type Subsidiary
IndustryAlternative energy
Founded2014
Headquarters South Windsor, Connecticut, USA
37°22′55″N122°00′31″W / 37.38201°N 122.00848°W / 37.38201; -122.00848
Key people
Jeff Hyungrak Chung, President and CEO [1]
Products Fuel cells
Parent Doosan Group
Website www.doosanfuelcellamerica.com/en/
Headquarters of the former ClearEdge Power, Hillsboro, Oregon ClearEdge Power facility - Hillsboro, Oregon.JPG
Headquarters of the former ClearEdge Power, Hillsboro, Oregon

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]

Contents

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 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 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] 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

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References

  1. ↑ "CEO". doosanfuelcell.com. Archived from the original on 2015-02-26.
  2. 1 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. 1 2 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. 1 2 "South Korea's Doosan buys U.S. fuel cell maker ClearEdge for $32.4 million". Reuters. 2014-07-21.
  7. 1 2 "Doosan thriving after ClearEdge purchase". New Haven Register. 2015-01-30. Retrieved 2021-01-08.
  8. 1 2 3 Siemers, Erik (December 18, 2009). "ClearEdge hums along". Portland Business Journal. Retrieved 18 February 2010.
  9. 1 2 "Quantum Leap Technology changes name". Portland Business Journal. August 31, 2005. Retrieved 18 February 2010.
  10. 1 2 Weinstein, Nathalie (March 1, 2010). "ClearEdge Power keeping base in Oregon". Daily Journal of Commerce. Portland, Oregon. Retrieved 27 June 2010.
  11. 1 2 "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. 1 2 Firestone, Rebecca (June 16, 2009). "Fuel Cells Offer Clean-Burning and Efficient Heat and Power". Green Compliance Plus. Archived from the original on 5 November 2009. 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.[ dead link ]
  16. ↑ Siemers, Erik (January 6, 2010). "ClearEdge sustains brisk growth". Sustainable Business Oregon. American City Business Journals. Archived from the original on 16 July 2011. Retrieved 18 February 2010.
  17. ↑ Rogoway, Mike (January 22, 2010). "Venture capital slides in Oregon, nationally". The Oregonian. Retrieved 18 February 2010.
  18. 1 2 3 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.{{cite news}}: CS1 maint: numeric names: authors list (link)
  22. 1 2 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. 1 2 Learn, Scott (September 29, 2009). "Oregon congressman wants $100 million for energy upgrades in commercial buildings". The Oregonian. Retrieved 18 February 2010.
  24. 1 2 "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. 1 2 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. Archived from the original on 16 October 2011. 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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