Tuesday, January 10, 2012

ClearEdge Power Wins Huge $500M Deal In Austria

Hillsboro, Oregon-based ClearEdge Power is reporting this morning that it has scored a $500M agreement to provide its fuel Cell systems to an Austrian power company. ClearEdge said the deal with Gussing Renewable Energy GmbH, will go towards producing 50 megawatts of energy from fuel cells in the Republic of Austria by 2020. ClearEdge said the deal is one of the largest agreements ever signed in the stationary fuel cell market. ClearEdge said its products will be used to deliver 8.5 MW of clean energy over the next 36 months. ClearEdge's systems convert natural gas into heat and electricity, and are considered cleaner options than many other energy generating options. As part of the deal, ClearEdge said that Gussing Renewable Energy has agreed to sell, install and service ClearEdge systems in Austria, along with other Western European markets. Gussing is an investor in ClearEdge as part of the firm's recently announced, $73.5M Series E funding.