Applied Ventures, LLC, a subsidiary of Applied Materials, Inc. has closed a $2 million investment in ClearEdge Power, Inc. a Hillsboro, Oregon manufacturer of silicon-based, stationary fuel cells. The financing complements a joint development agreement under which Applied Materials will provide support to ClearEdge Power on several projects.
Applied Ventures’ charter is to make strategic, seed and early stage investments in promising, privately-held companies with a focus on technology innovations that could drive growth in existing, related and new markets for Applied Materials. J. Christopher Moran, vice president and general manager, Applied Ventures, stated that “through this collaboration with ClearEdge Power, Applied brings knowledge about leading-edge nanomanufacturing and process technology to the fuel cell space.”
“We’re excited to have Applied Materials as a strategic partner in our quest to commercialize reliable, low-cost stationary fuel cell generators using semiconductor manufacturing processes,” said Gregg Semler, president and CEO of ClearEdge Power. “Our goal is to bring significant innovation to the fuel cell industry that results in cost effective on-site generation of clean, reliable energy.”
ClearEdge Power is manufacturing cutting edge fuel cell systems for back-up and continuous power markets by developing and commercializing innovative, low-cost fuel cells that draw on their expertise in application, design and integration. ClearEdge Power is building a variety of strategic relationships to become a leader in the fuel cell market through the production and distribution of silicon-based fuel cell systems that are clean, quiet, and low-cost and that can be customized for specific customer needs.
Applied Materials, Inc. (Nasdaq:AMAT), headquartered in Santa Clara, California, is the largest supplier of equipment and services to the global semiconductor industry. www.appliedmaterials.com.
www.appliedventures.com
Loading...