October 23, 2014 3:46 PM ET

Electrical Equipment

Company Overview of ClearEdge Power, Inc.

Company Overview

ClearEdge Power, Inc. produces clean and distributed power systems that scale from 5 kW to multiple megawatts converting natural gas to clean, efficient, and secure energy worldwide. It offers PureCell fuel cell systems; fuel cell stacks; fuel processing and integrated balance of systems; and solar systems. The company also supports through the decision process, the cost-analysis, the design, installation, and on-going operation and maintenance. ClearEdge Power, Inc. was formerly known as Quantum Leap Technology, Inc. and changed its name to ClearEdge Power, Inc. in May 2005. The company was founded in 2003 and is based in Sunnyvale, California. As of July 18, 2014, ClearEdge Power, Inc. ope...

920 Thompson Place

Suite 100

Sunnyvale, CA 94085

United States

Founded in 2003

Phone:

503-693-9600

Key Executives for ClearEdge Power, Inc.

Chief Executive Officer
Age: 64
Co-Founder and Chairman
Age: 56
Chief Financial Officer
Chief Technology Officer and Senior Vice President of Engineering
Compensation as of Fiscal Year 2014.

ClearEdge Power, Inc. Key Developments

Employees Files a Lawsuit against ClearEdge Power for Failing to Give Required Notice Before Laid Offs

A former South Windsor employee of ClearEdge Power has filed a class-action lawsuit against the company for failing to give required notice before it lay off all of its employees there. Rather than making the filing in advance of the layoffs, as required by law, ClearEdge Power gave notice to employees and state officials the day of the cuts. The letter explained that giving more notice would have ruined the company's efforts to secure new customers and investors and would have made it harder to collect payments from existing customers. ClearEdge Power reported that it has failed to get more financing or customer orders to avoid 'a shutdown and (provide) the necessary funding to keep the job operations open for the foreseeable future period of time'. According to the filing, 268 employees were laid off. The lawsuit, filed in the U.S. District Court of Northern California, alleges that the company violated the federal law requiring that employers give 60 days' notice in the event of a mass layoff. Peter Wojciechowski, a configuration manager who worked at the South Windsor plant on Governors Highway and filed the lawsuit, also claims ClearEdge has not paid him for his full accrued vacation. His request for class-action status seeks payment for all unpaid wages, including vacation, pension, retirement plan contributions and other benefits, and all benefits that would be paid for about two months that ClearEdge Power should have given to employees as notice. It also requests payment of interest on those amounts and payment of his attorney fees.

ClearEdge Power Announces CTS Energy, LLC to Acquire 12 PureCell(R) Model 400 Fuel Cell Systems

ClearEdge Power announced that CTS Energy, LLC agreed to acquire 12 PureCell(R) Model 400 fuel cell systems as part of its full service, motion picture and television studio and production facility in the town of South Windsor, Conn. As part of the Connecticut Studios project, CTS Energy is developing an electric generation facility using the PureCell Model 400 fuel cells. The fuel cells will provide 4.98 MWs of clean, efficient power to the local grid. By generating power on-site with fuel cells, CTS Energy will prevent the release of more than 1,520 metric tons of carbon dioxide annually compared to conventional central utility generation the equivalent of planting more than 351 acres of trees. The reduction in nitrogen oxide emissions will be equal to the environmental benefit of removing more than 622 cars from the road. In addition to the reduction in air emissions, once installed these PureCell systems will save over 17 million gallons of water annually.

ClearEdge Power, Inc. Presents at Baird 43rd Annual Industrial Conference, Nov-04-2013 03:00 PM

ClearEdge Power, Inc. Presents at Baird 43rd Annual Industrial Conference, Nov-04-2013 03:00 PM. Venue: Four Seasons Hotel Chicago, 120 East Delaware Place, Chicago, Illinois, United States. Speakers: David B. Wright, Director, Gloria Fan, CFO, Zakiul Kabir, Chief Technology Officer and Senior Vice President of Engineering.

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Recent Private Companies Transactions

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Date
Target
Merger/Acquisition
June 30, 2014
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Bankruptcy
May 1, 2014
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Private Placement
March 10, 2014
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