UTC Power likely sold for a song

Jan 22nd, 2013 | By | Category: Business

Hartford conglomerate United Technologies Corp. likely will sell its fuel cell subsidiary UTC Power at a deep discount to emerging Oregon firm ClearEdge Power, industry analysts say.

UTC-fuel-cell… Because UTC expected UTC Power to sell below its value, the conglomerate took a $179 million impairment charge in the third quarter to adjust the fuel cell subsidiary’s assets to be more in line with the expected sale price, according to a filing with the U.S. Securities and Exchange Commission.

For more on this story, visit: UTC Power likely sold for a song | HartfordBusiness.com.

Be Sociable, Share!
Tags: , ,

One Comment to “UTC Power likely sold for a song”

  1. Michael Harris says:

    Wow, this is interesting. Why would the company sell it at such a steep discount. My belief is that because commercial fuel cells rely on natural gas, they are not really hydrogen technology, despite marketing messages. Moreover, the evidence seems to indicate that the natural gas bubble also being marketed is ephemeral. Fracked well decline rates are onerous and the collateral damage is unacceptable to many, including me.

Leave a Comment