July 21, 2014
South Korean conglomerate Doosan Corp. said Monday it agreed to buy shuttered South Windsor fuel cell manufacturer ClearEdge Power for $32.4 million.
ClearEdge abruptly closed down in late April, laying off 300 workers without warning, and filed for Chapter 11 bankruptcy on May 1. The company launched an auction on July 9 to sell off its assets, in order to repay some of the company’s creditors.
ClearEdge was headquartered in Sunnyvale, Calif., but its largest manufacturing operations were in South Windsor. The Connecticut portion of the operations was acquired by ClearEdge in February 2013, after Hartford conglomerate United Technologies Corp. unloaded the then-named UTC Power.
Doosan said it plans to join its ClearEdge assets with those of Fuel Cell Power, a company the Korean firm acquired in a stock swap on July 10. The two American fuel cell companies will combine to be Doosan Fuel Cell America. See Full Article