ClearEdge acquires United Technologies' fuel cell business
By Erik Siemers
ClearEdge Power acquired UTC Power, another fuel cell business.
Hillsboro-based fuel cell manufacturer ClearEdge Power said it has acquired UTC Power, a business unit of United Technologies Corp. known for developing fuel cells for the nation's space program.
Terms of the deal weren't disclosed. Officials with ClearEdge couldn't be reached for comment.
"We are excited about the strategic combination of ClearEdge Power and UTC Power to address the demand for clean, continuous, distributed power solutions," ClearEdge CEO David B. Wright said in a news release Saturday. “The wealth of talent, intellectual capital, and technology platforms enables us to provide highly innovative product and service solutions to our customers.”
In its own news release, Hartford, Conn.-based UTC (NYSE: UTX) said the pending sale of UTC Power is part of its strategy to focus on its core building and aerospace units.
The company's biggest holdings include aircraft engine-maker Pratt & Whitney with $13.4 billion in sales; Otis, a developer of building elevator systems that produced $12.4 billion in sales last year; heating and air conditioning brand Carrier, with sales of $12 billion, and helicopter manufacturer Sikorsky, with sales of $7.4 billion.
The company doesn't disclose the size of UTC Power other than describing it as being among its smaller businesses.
Based in South Windsor, Conn., UTC Power's origins date back to 1958, when engineers at Pratt & Whitney Aircraft began exploring new ways to generate power, including hydrogen-based fuel cells.
In the time since, its products provided power for every manned space flight since the Apollo program, including NASA's Space Shuttle program, the company said on its web site. Its product portfolio today includes its PureCell system to power commercial buildings and fuel cells used for public transportation.
Venture-backed ClearEdge, once thought to be headed for an initial public offering of stock, restructured earlier this year with layoffs and a new CEO, Wright. Earlier this month, ClearEdge closed a $5 million round of debt financing, according to a filing with the U.S. Securities and Exchange Commission.
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