Does the HP Poly Edge E550 support Power over Ethernet (PoE)?

Yes, the HP Poly Edge E550 has PoE (RJ-45) port which allows it to receive electrical power and data using a single cable.

What technology does the HP Poly Edge E550 IP Phone use for voice communication?

The HP Poly Edge E550 IP Phone uses VoIP technology to transfer audio signals over the Internet.

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HP Poly Edge E550 IP Phone and PoE enabled, Corded desktop phone, Black | 89B57AA#ABA

Enjoy superior voice communications while retaining the convenience and user-friendliness over Internet.
Uses VoIP technology to transfer audio signals over the Internet while circumventing high toll charges by telephone companies.
Electrical power and data are transmitted using a single cable to devices such as Access Points, IP cameras or IP phones.