Clean Edge
Clean Edge is a boutique research and advisory firm that co-produces seven thematic clean-tech indexes with Nasdaq, licensing them to global ETF providers including First Trust, while also publishing research and offering advisory services.
- Company typePrivate
- Founded2000
- HeadquartersOakland, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Clean Edge does
Clean Edge is a boutique research and advisory firm founded in 2000 by Ron Pernick and Joel Makower, focused exclusively on clean-technology markets. The firm co-produces seven thematic indexes with Nasdaq spanning clean energy, smart grid, water, wind, hydrogen, and sustainable energy income (including QGRD, HHO+GWE, CELSI, GGINC, GHHO, plus water and wind benchmarks), and licenses these indexes to ETF providers such as First Trust, Samsung Asset Management, KSM, and Shinkin Asset Management. Its research output includes the annual Clean Edge 100 ranking of leading clean-tech companies, Data Dives briefings, and a subscription newsletter, which together establish the firm's category authority and support licensing and advisory conversations.
The business operates two interlocking revenue streams. The primary stream is index licensing, where Clean Edge's methodology and Nasdaq branding underpin ETFs sold through licensee distribution channels; assets tracking Clean Edge co-branded indexes exceeded $11.5 billion as of April 2026, up from approximately $4 billion in 2021. The secondary stream is direct research and advisory monetization — paid subscriptions, the Clean Edge 100 publication, and bespoke engagements — which leverages the firm's proprietary dataset of more than 650 tracked clean-tech companies and its 25-year editorial brand. International expansion into Korea, Israel, Japan, and European UCITS vehicles has diversified the licensee base beyond the original First Trust anchor. Operationally the firm remains small (11–50 employees) and privately held by founders, with no public funding rounds, acquisitions, or external institutional investors disclosed in the available material.
Clean Edge firmographics
Firmographics- Name
- Clean Edge
- Legal name
- Clean Edge Inc.
- Website
- https://cleanedge.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Clean Edge is a boutique research and advisory firm that co-produces seven thematic clean-tech indexes with Nasdaq, licensing them to global ETF providers including First Trust, while also publishing research and offering advisory services.
- Ownership category
- akta.pro rank
Clean Edge industry classification
Industry- Product category
- Thematic Stock Index Products & Clean-Tech Research
- NAICS
- Other Scientific and Technical Consulting Services (54169), Environmental Consulting Services (54162), Securities and Commodity Exchanges (523210)
- akta.pro primary industry
- ESG/Sustainable & Thematic Digital Investing Platforms (FSAGAEAK)
Keywords
Where Clean Edge is headquartered
LocationHeadquarters
- HQ city
- Oakland
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Clean Edge business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Index Licensing: Clean Edge licenses its proprietary indexes to financial product sponsors (ETF providers, asset managers). First Trust Advisors L.P. licenses CELS, QGRD, HHO, GWE, and GHHO indexes for ETF products.
- Research Publications: Clean Edge publishes research reports including Clean Tech Industry Overview + Investment Case, annual Clean Edge 100 rankings, and Data Dive analyses. Revenue generated through report sales and subscriptions.
- Newsletter Subscription: Free and premium newsletter subscriptions delivering clean-tech market insights and index performance data.
Go-to-market motion1 record
Distribution channels5 records
Marketing channels6 records
Clean Edge product offering
Product offeringCore offering
Clean Edge co-produces and licenses proprietary clean-tech thematic stock indexes with Nasdaq, covering clean energy, smart grid infrastructure, water, wind, international clean energy, and dividend-paying green economy companies. The company also publishes thematic research including the Clean Edge 100 annual ranking of top publicly traded pure-play clean-tech companies, Data Dives analyses, and the Clean Tech Industry Overview + Investment Case report, licensing these indexes to ETF sponsors and asset managers worldwide.
Product overview
Clean Edge is a dedicated publisher of thematic research and the co-producer of industry-leading clean-tech indexes with Nasdaq. The company offers a portfolio of stock indexes tracking clean energy, transportation, water, and grid sectors. The core products include the Nasdaq Clean Edge Green Energy Index (CELS) for U.S.-listed clean energy companies, the Nasdaq OMX Clean Edge Smart Grid Infrastructure Index (QGRD) for smart grid and electric infrastructure, the ISE Clean Edge Water Index (HHO) for water industries, the Nasdaq Clean Edge Global Water Index (GHHO), the ISE Clean Edge Global Wind Energy Index (GWE), the Nasdaq Clean Edge International Green Energy Index (CELSI), and the Nasdaq Clean Edge Global Green Income Index (GGINC). Beyond indexes, Clean Edge publishes the Clean Edge 100 annual ranking of top clean-tech companies, Data Dives research reports, and industry analysis presentations. Financial products tracking these indexes exceed $11.5 billion in assets under management as of April 2026, with over 650 public companies in their tracking universe.
Differentiator
Problem solved
Functional benefit
Brands
- CELS: Nasdaq Clean Edge Green Energy Index - tracks U.S.-listed clean-energy companies including renewables, energy storage, and electric vehicles
- QGRD
- HHO
- GHHO
- GWE
- CELSI
- GGINC
- Clean Edge 100
Products and services
- Nasdaq Clean Edge Green Energy Index (CELS) A modified market capitalization-weighted index designed to track the performance of U.S.-listed companies that are manufacturers, developers, distributors, and/or installers of clean-energy technologies including renewables, energy storage, and electric vehicles. Licensed to ETF sponsors including First Trust for the QCLN ETF.
- Nasdaq OMX Clean Edge Smart Grid Infrastructure Index (QGRD) A transparent and liquid benchmark for the smart grid and electric infrastructure sector tracking companies involved in the electric grid, smart meters, energy storage, connected mobility, and enabling software. The index returned 30.45% in 2025 (total return) and 463.24% over 10 years.
- ISE Clean Edge Water Index (HHO) A modified market capitalization-weighted index tracking U.S.-listed companies that derive substantial revenues from the potable water and wastewater industry including distribution, infrastructure, purification, and metering.
- Nasdaq Clean Edge Global Water Index (GHHO) A modified equal-weighted index tracking global companies with substantial revenue from potable water and wastewater industries including distribution, infrastructure, treatment, and ancillary services. Includes ESG screening.
- ISE Clean Edge Global Wind Energy Index (GWE) A float-adjusted modified market capitalization-weighted index tracking companies engaged in wind energy including developers, operators, turbine manufacturers, and service providers.
- Nasdaq Clean Edge International Green Energy Index (CELSI) An index tracking non-U.S.-based companies that are manufacturers, developers, distributors, and/or installers of clean-energy technologies including renewables, energy storage, and the grid.
- Nasdaq Clean Edge Global Green Income Index (GGINC) An index tracking 50 companies within the global green economy that have a consistent history of offering dividends and exhibit the highest trailing-twelve-months dividend yield.
- Clean Edge 100 An annual ranking of the top 100 publicly traded pure play companies in clean energy, transportation, water, and the grid, ranked by equally weighted composite of market capitalization, revenue, and operating profit.
- Data Dives Regularly published data visualizations and research reports covering EV deployment, solar/wind deployment, renewable energy states, capacity additions, and market comparisons.
- Clean Tech Industry Overview + Investment Case A comprehensive overview of the current state of the clean-tech industry providing investment analysis and market insights for institutional investors and analysts.
- The Clean Tech Revolution The seminal book on clean-tech business, investment, and innovation co-authored by Ron Pernick and Clint Wilder, published by HarperCollins in 2007. Distributed via the Clean Edge website for download.
Quantifiable outcome
- $11.5+ billion in AUM for tracking products as of April 2026
- +2 more outcomes
Companies that use Clean Edge
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Clean Edge technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Clean Edge partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor, core and flagship.
- FactSetminorFactSet provides data supporting Clean Edge's AUM tracking figures and index performance metrics cited on the company website.
- First Trust Global PortfolioscoreEuropean arm of First Trust launching UCITS ETF versions of Clean Edge indexes including GRDU (QGRD UCITS), QCLU (CELS UCITS), and H2O (GHHO UCITS) for European investors.
- GridWise AllianceminorClean Edge partnered with GridWise Alliance to produce gridCONNEXT, an industry event focused on building the next-generation grid. Clean Edge handed the event over to GridWise in 2021.
- First Trust Advisors L.P.coreFirst Trust licenses Clean Edge indexes for ETF products. Primary licensed products include GRID (QGRD tracking), QCLN (CELS tracking), FIW (HHO tracking), and FAN (GWE tracking). First Trust was the first ETF sponsor to license Clean Edge indexes.
- NasdaqflagshipClean Edge and Nasdaq co-produce industry-leading clean-tech stock indexes. The partnership began in 2006 with CELS and expanded to include QGRD (2009), HHO, GWE, GHHO, CELSI, and GGINC. Nasdaq provides index calculation, dissemination, and exchange infrastructure.
Scale indicators5 records
Recent moves7 records
Expansion highlights4 records
Clean Edge competitors and assessment
Company assessmentDirect peers
- Indxx: Indxx is a New York-based index provider that develops thematic and ESG indexes licensed to ETF sponsors globally. It is comparable to Clean Edge as a similarly-sized boutique thematic index developer serving the same institutional asset management client base with proprietary thematic methodologies.
- Solactive: Solactive is a Frankfurt-based index provider specializing in custom and thematic indexes licensed to ETF issuers worldwide. It is comparable to Clean Edge as a direct competitor in thematic indexing for clean energy, ESG, and sustainability themes, with similar boutique-to-mid-scale positioning.
Broad incumbents
- S&P Dow Jones Indices: S&P Dow Jones Indices is a leading global index provider with broad benchmark offerings including thematic and ESG indexes such as S&P Clean Energy and S&P Global ESG indices. It is comparable as a broad incumbent competitor in clean energy and thematic indexing, with significantly larger scale and broader ETF licensing relationships.
- MSCI: MSCI is a global index and ESG research provider offering the MSCI Global Clean Tech Index and broad ESG/thematic index families. It is comparable as a broad incumbent with deep institutional distribution and competing ESG/clean energy index products that overlap Clean Edge's market.
- FTSE Russell: FTSE Russell (part of LSEG) operates broad benchmark and thematic index families including clean energy and green economy indexes. It is comparable as a large incumbent index provider offering competing products to Clean Edge's Nasdaq-partnered indexes across institutional asset management clients.
- ICE Indices (NYSE/ICE): ICE Indices operates equity, fixed income, and thematic benchmarks including sustainability-focused indexes distributed to ETF sponsors. It is comparable as a broad incumbent index provider that has historically hosted Clean Edge's ISE Clean Edge Water (HHO) and ISE Clean Edge Global Wind Energy (GWE) indexes.
- STOXX: STOXX (Deutsche Börse) operates broad and thematic index families including ESG and clean energy indexes for European institutional clients. It is comparable as a broad incumbent index provider with European distribution overlap to First Trust Global Portfolios (Clean Edge's UCITS licensee).
Emerging players
- BloombergNEF: BloombergNEF (BNEF) is a clean energy and decarbonization research and data provider serving institutional investors with thematic insights. It is comparable as a research-driven competitor in clean-tech market intelligence, overlapping with Clean Edge's Data Dives, Clean Edge 100, and clean-tech investment research products.
Others
- Wood Mackenzie: Wood Mackenzie is a global energy and natural resources research and consulting firm serving institutional investors with sector intelligence. It is comparable as an adjacent research provider to Clean Edge's institutional investor segment for clean energy, grid, and water market analysis and investment case research.
- Morningstar Sustainalytics: Morningstar Sustainalytics is an ESG and climate research/data provider serving institutional investors and asset managers. It is comparable as an ecosystem partner and adjacent data provider — Clean Edge currently leverages Sustainalytics' ESG screening methodology for its CELSE and QGRDE alternate indexes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Clean Edge social profiles
Digital presenceClean Edge financial estimates
Financial estimateRevenue estimate
Valuation estimate
Clean Edge leadership team
Management profileNumber of profiles
Profiles6 records
Clean Edge funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Clean Edge M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Clean Edge
What does Clean Edge do?
Clean Edge co-produces and licenses proprietary clean-tech thematic stock indexes with Nasdaq, covering clean energy, smart grid infrastructure, water, wind, international clean energy, and dividend-paying green economy companies. The company also publishes thematic research including the Clean Edge 100 annual ranking of top publicly traded pure-play clean-tech companies, Data Dives analyses, and the Clean Tech Industry Overview + Investment Case report, licensing these indexes to ETF sponsors and asset managers worldwide.
Is Clean Edge a public or private company?
Clean Edge is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Clean Edge founded?
Clean Edge was founded in 2000. It employs 11 to 50 people.
Where is Clean Edge based?
Clean Edge is headquartered in Oakland, United States, in the North America region.
How does Clean Edge make money?
Three revenue lines are on record. Index Licensing is the primary driver. The others are research Publications and newsletter Subscription.
Who are Clean Edge's main competitors?
Direct peers on record are Indxx and Solactive. Broad incumbents are S&P Dow Jones Indices, MSCI, FTSE Russell, ICE Indices (NYSE/ICE) and STOXX. BloombergNEF is listed as an emerging player. Others are Wood Mackenzie and Morningstar Sustainalytics.
Does Clean Edge have an API?
No public API is recorded for Clean Edge.
What industry is Clean Edge in?
Clean Edge's product category is Thematic Stock Index Products & Clean-Tech Research. Its primary akta.pro industry code is FSAGAEAK, ESG/Sustainable & Thematic Digital Investing Platforms. Its NAICS code is 54169.