Fuel cell maker ClearEdge Power abruptly laid off 268 employees and intends to file for bankruptcy, reports the Hartford Business Journal.
An attorney for the company sent a letter to Connecticut officials, saying the company had fallen on hard times due to a lack of business and a cash shortage. The company will close its two facilities in South Windsor, Conn.
The attorney said ClearEdge had been anticipating a significant new contract, which failed to materialize.
In February, ClearEdge said CTS Energy was acquiring 12 PureCell Model 400 fuel cell systems for its motion picture and television studio and production facility in South Windsor.
Meanwhile, in regard to UTC, Ballard Power Systems has acquired the transportation- and stationary-related fuel cell intellectual property (IP) assets of UTC, consisting of about 800 patents and patent applications, as well as patent licenses, invention disclosures and know-how primarily related to Proton Exchange Membrane (PEM) fuel cell technology. Ballard paid $22 million for the IP assets. In addition, Ballard and UTC have formed a strategic alliance led by a joint advisory council, which will focus on licensing and other commercial market opportunities.