By: Brad Kane
February 24, 2014
In its first full year since acquiring UTC Power for a song, fuel cell manufacturer ClearEdge Power wants to double its annual revenues to $200 million, CEO David Wright said.
“This was like the mouse eating the elephant,” said Wright, who also serves as the company’s president. “We knew if we could make this transaction work, we would be a major player in this market. It was a risky bet, no question about it, but it has worked out.”
To reach its goal, ClearEdge is expanding its South Windsor campus so it can manufacture the company’s two types of fuel cells. The firm also is investing $22 million in research and development, mostly in Connecticut; working to drop the price of both fuel cells; and hiring more engineers on top of its existing workforce of 400.
“Energy is a pretty hot space, and we are having a lot of fun,” Wright said. “We are going to grow the company … and we are well on our way.” Read more…