Hartford conglomerate United Technologies Corp. announced Saturday it will sell its South Windsor fuel cell manufacturer to an Oregon energy company.
South Windsor-based UTC Power was sold to Oregon-based ClearEdge Power for an undisclosed sum. The deal is expected to close in early 2013.
The sale is a significant blow to Connecticut’s fuel cell industry as UTC Power has the highest revenue of any fuel cell company in the world. The firm, along with FuelCell Energy of Danbury, was the cornerstone of the state industry, with more than $500 million in annual revenue.
Neither UTC nor ClearEdge disclosed whether the company will move from its South Windsor location.
UTC decided to sell the fuel cell subsidiary as part of a restructuring kicked off by its $16 billion purchase of North Carolina aerospace manufacturer Goodrich Corp. The sale of UTC Power comes in the same month that the parent company sold off another of its power generation divisions, Pratt & Whitney Power Systems of East Hartford.
No fuel cell manufacturer has ever had a profitable year, including UTC Power.
