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Archive for September 1st, 2009

Here is some cleantech news from Cleantech.

“An Azusa, Calif.-based advanced battery company looks to close $27M, ClearEdge Power brings in $15M and stealthy Khosla-backed Seeo raises $8.6M.

CFX Battery expects to have $27 million in the bank in the next 60 days, but the company is still keeping specifics of what it is doing on the quiet side.

The Azusa, Calif.-based advanced battery company’s CEO Joe Fisher told the Cleantech Group today that his company has secured $5 million of its $27 million Series B round, without disclosing investors.

The announcement was among at least three cleantech companies that secured venture capital financing today, according to regulatory filings. CFX would be the largest if it brings in the $27 million, which Fisher is confident it should be able to do quickly. He said the company is also open to new investors.

The company plans to use the funds to continue to advance its research and development, for manufacturing equipment as it scales up to production, for working capital related to the equipment, and potential acquisitions in the battery space, Fisher said.

“We’re looking for niche-type smaller companies that have good intellectual property and potential to fit into our portfolio,” he said.

Other funding announcements today included fuel cell micro-combined heat and power (CHP) generation system developer ClearEdge Power raising $15 million in its fifth round of financing. And Berkeley, Calif.-based Seeo, a Khosla Ventures-backed company, raised more than $8.6 million in new venture capital financing (see Khosla-backed Coskata, EcoMotors come out of stealth and Stealthy Khosla-backed battery startup driving economic makeover?).

ClearEdge Power, which has locations in California and Oregon, manufactures what it said it are highly efficient CHP systems for residential and small commercial buildings, based on its expertise in fuel cells, fuel processing and systems integration.”

Read the full article here.

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