US-based power company Southern California Gas and Austria-based energy recycling company Gȕssing Renewable Energy have helped US-based clean energy company ClearEdge Power raise a $73.5m funding round. The series E round is planned as the last before an initial public offering, according to news provider Sustainable Business Oregon.
The two corporate investors were joined in the investment by US-based venture firm Kohlberg Ventures and US-based hedge fund Artis Capital Management, which led the round, and is reportedly run by David Lamond, the son of Pierre Lamond, a partner at US venture firm Sequoia Capital, according to news provider Private Equity Week. ClearEdge raised the funds through the sale of shares and the conversion of promissory notes. Southern California Gas is a subsidiary of US-listed conglomerate Sempra Energy.
ClearEdge investors also include the corporate venturing unit of nanotechnology company Applied Materials, Applied Ventures, and venture firm Big Basin Partners, according to ClearEdge’s website.
Global Corporate Venturing estimates that the latest funding round could take the total raised by ClearEdge to as much as $206.8m since 2006. This figure was compiled adding the latest $73.5m round to the amounts raised in all ClearEdge’s financings, as filed with the US regulator Securities and Exchange Commission. The figure could be significantly lower than stated should any rounds have been double counted.