United Technologies Completes Divestiture of UTC Power Unit
ClearEdge Power, Inc. has closed on its acquisition of UTC Power, marking a major milestone for the company and strengthening its position in the commercial fuel cell industry. UTC Power, formerly a subsidiary of United Technologies Corp., has long been considered a leader in fuel cell systems with decades of experience. Divesting UTC Power is another step forward in UTC's ongoing portfolio transformation to focus on its core of aerospace and building systems.
"We are excited about the strategic combination of ClearEdge Power and UTC Power and the capability it provides us to address the demand for clean, continuous, distributed power solutions," said David B. Wright, ClearEdge Power President and CEO. "This acquisition establishes our position as the most experienced innovator in the industry, having the broadest technology portfolio and an agile, passionate, visionary team that delivers dependable customer solutions."
The infusion of talent and complementary products resulting from the UTC Power acquisition significantly advance ClearEdge Power's leadership at a time when the fuel cell industry is poised for growth.
"I am excited about joining ClearEdge Power. The integration of our teams will build upon our rich history and talented workforce and best positions us to meet growing market demand," said Joe Triompo, ClearEdge Power Chief Operating Officer.
"As we merge and grow our business, we remain committed to providing excellent products and service to both companies' customers," Wright said. "We are already providing unique solutions for our customers' energy needs, and now expect to capture new markets with our enhanced products."