ClearEdge was lauded, in large part, due to its acquisition of UTC Power, which Frost & Sullivan said helped make ClearEdge a leader in market share and innovation in the industry.
"Since ClearEdge Power’s inception in 2003, the company has turned into one of the leading fuel cell companies in North America. ClearEdge Power’s strong growth in the fuel cell industry is attributed to its visionary leadership. The company accomplished this feat of delivering clean and continuous power by acquiring UTC Power in 2012. The company’s strategic decision to acquire UTC Power rewarded ClearEdge Power with a technological edge, intellectual capital, and over fifty years of expertise in the fuel cell industry. UTC Power was one of the pioneers in the fuel cell industry space," reads the award report.
Despite being lucrative for ClearEdge, UTC took a $227 million loss when it sold the South Windsor facility, including a $48 million direct payment to ClearEdge, the Hartford Business Journal reported.