ClearEdge Power Signs Market-Defining $500 Million Multi-Phase Agreement to Deliver 50 Megawatts of Clean Energy to Güssing Renewable Energy
When Completed, Agreement Will Be One of the Largest Ever in the Stationary Fuel Cell Industry
HILLSBORO, Ore. – January 10, 2012 – ClearEdge Power, a manufacturer of scalable, continuous onsite power systems, today announced that Güssing Renewable Energy, a provider of carbon-neutral energy solutions, has selected ClearEdge systems to achieve its goal of producing 50 megawatts (MW) of clean distributed energy generation from fuel cells in the Republic of Austria by 2020. In the first phase of a multi-phase $500 million agreement, one of the largest ever signed in the stationary fuel cell industry, ClearEdge Power will deliver 8.5 MW of clean energy over the next 36 months.
“This is a very significant milestone for both ClearEdge Power and the stationary fuel cell market,” said ClearEdge Power President and CEO, Russell Ford. “Güssing Renewable Energy is at the cutting-edge of environmental sustainability and an agreement of this magnitude further validates the role that scalable, continuous onsite power systems will play in the transition to a carbon-neutral society. This contract also adds on to our strong growth in North America and provides the perfect platform for us to continue to expand our international operations.”
Headquartered in the Austrian town of Güssing, the first community in the European Union to produce 100 percent of its energy from renewable resources, Güssing Renewable Energy offers customizable and instantly usable carbon-neutral solutions that help communities produce clean, reliable energy. These solutions include proven anaerobic technology that can convert organic mass into high-purity biogas that can be used to cleanly and cost-effectively generate electric power and heat in fuel cells like the ClearEdge systems. Under the agreement with ClearEdge Power, Güssing Renewable Energy has agreed to sell, install and service ClearEdge systems in Austria and also has the opportunity to foster adoption within Western European markets. The agreement builds on Güssing Renewable Energy’s participation in the recent ClearEdge Power Series E financing round and is designed to support the installation of 8.5 MW of fuel cell systems in Austria over the next 36 months, which will then rise to 50 MW by 2020.
"With its flexible and modular power systems, ClearEdge Power has developed a distributed energy solution that will fundamentally change the way people receive power,” said Michael Dichand, Chairman, Güssing Renewable Energy. “We see these fuel cell systems as the perfect complement to our sustainably cultivated biomass facilities and are pleased to be able to partner with a forward-thinking company like ClearEdge Power as we aggressively move to achieve our clean energy goals.”
The record-setting agreement with Güssing Renewable Energy builds on ClearEdge Power’s forward momentum in 2011. Recent highlights include the expansion of its portfolio of continuous onsite power systems, including industry-first innovations in areas such as reliability, scalability and flexibility. The company also successfully completed a $73.5 million Series E financing round and secured a DOE grant to support the adoption of fuel cell technologies in different vertical markets. In addition, ClearEdge Power has seen strong customer adoption in a variety of industries, including multi-tenant housing, hospitality, education, utility, public sector and residential.
About ClearEdge Power
ClearEdge Power provides distributed energy generation solutions to commercial, institutional and residential customers. The company designs, manufactures and sells a family of continuous onsite power systems that uses fuel cell technology to efficiently deliver predictable, clean and cost-effective power and heat. This enables customers to increase independence from the electricity grid, save money and reduce greenhouse gas emissions. For more information, please visit http://www.clearedgepower.com
About Güssing Renewable Energy
Güssing Renewable Energy is a cosmopolitical managed enterprise aiming at the global market, offering customized instantly usable CO2-neutral solutions all over the world to usher the way from the present-day CO2 society to a post-CO2 society.
With equity only, Güssing Renewable Energy GmbH (GREG) was established in 2009 by experienced eco-visionaries and international entrepreneurs. GREG has its head office at the Technologiezentrum Güssing (Güssing Technology Center), Burgenland, Austria.
There exist subsidiary companies in Bangkok, Thailand (GRETHA), Laguna Beach, USA, and Victoria, Canada (GREA), as well as Belgrade, Serbia (PAN NON OIL). The integration of all corporations into the GRE.AT Holding AG is about to take place.
Press Contacts: Nicole, ClearEdge Power, (503) 214-1672
Simon Jones, Blanc & Otus, (415) 856-5155