South Windsor fuel cell manufacturer ClearEdge Power announced Monday it raised $36 million in equity financing to rapidly expand sales activities, but the money won’t reverse the lay off of more than a third of its workforce days ago.
ClearEdge, headquartered in Hillsboro, Ore., acquired UTC Power of South Windsor in February for an undisclosed sum. Last Thursday, the company laid off 39 percent of its workforce at all locations, although the cuts hit South Windsor hardest because the firm slashed its transportation division, which was based in Connecticut.
The company on Monday didn’t disclose who gave $36 million, but said the money would be used for expanding sales opportunities, serving current customers, and supporting manufacturing operations.
With the acquisition of UTC Power, the company now has the industry’s largest range of fuel cells from five kilowatts serving small businesses and residential units to 400 kilowatts serving industrial customers. ClearEdge has 30 megawatts of fuel cells installed.
