ClearEdge Power Raises $36 million to Support Manufacturing and Expand Sales

20 Mar 2013

ClearEdge Power, the Oregon-based stationary fuel cell manufacturer, has announced the raising of $36 million in equity financing to ‘serve current customers, support manufacturing operations and rapidly expand sales activities.’

This announcement swiftly follows the news late last week that the company had cut 39% of its workforce following its acquisition of the much larger Connecticut fuel cell manufacturer UTC Power in February. The majority of layoffs were within the former UTC business.

“Continuing to strengthen our financial resources along with our recent acquisition of UTC Power enables us to address the demand for clean, continuous, distributed power solutions from an expanded customer base,” said David B. Wright, ClearEdge Power President and CEO. “Our strong balance sheet enables us to make decisions that ensure profitable growth.”

 

Reference: ClearEdge Power (emailed press release)


Industry Directory: ClearEdge Power

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