Hartford Business Journal

4 HARTFORDBUSINESS.COM | OCTOBER 16, 2023 BIZ BRIEFS GENERAL CONTRACTING • CONSTRUCTION MANAGEMENT • DESIGN BUILD PARTNER 21 DEMING ROAD, BERLIN, CT 06037 • (860) 610-1093 • WWW.OLSENCS.COM NEW CONSTRUCTION • TENANT FIT OUT • CRITICAL INFRASTRUCTURE • HEALTHCARE to supply about 14% of Connecti- cut's electricity, is seen as pivotal to the state reaching its zero-carbon grid mandate by 2040. It was at one time expected to begin operations between 2025 to 2027. Avangrid, which still owns the development rights for the project, said inflation and high interest rates, on top of COVID, supply chain issues and the Russian invasion of Ukraine meant the project would require more financing than initially planned. This isn't the only local offshore wind project facing headwinds. The Massachusetts Department of Public Utilities recently gave SouthCoast Wind — a joint venture between Shell New Energies and Ocean Winds — approval to terminate its contracts with three local utilities. Eversource Energy also recently stepped away from an offshore wind farm investment. Sikorsky plans to cut 179 positions in CT Manufacturing giant Sikorsky plans to eliminate 179 positions in Connecticut. The cuts are part of an overall reduction of 250 jobs, which represents about 2% of the company's workforce. The positions are within the company's business segment. "Several major programs are progressing into production and no longer require the same level of development support," the company said. "In addition, ongoing material shortages are impacting our cost-competitiveness." The company said the cuts are being made to ensure its future cost competitiveness. In late 2022, Stratford-based Sikorsky lost a key contract with the Army to build its new long-range assault aircraft. The contract, worth an estimated $7.1 billion, went to Texas-based Bell Textron instead. In August, Sikorsky won a $2.7 billion contract to build 35 more CH-53K helicopters for the Navy. 6 CT billionaires make Forbes' wealthiest list Forbes' list of the 400 wealthiest Americans includes six Connecticut billionaires this year, with hedge fund manager and New York Mets owner Steve Cohen unseating Ray Dalio at the top of the list. The Forbes Top 400 annual rankings show that Cohen, with a net worth of $19.8 billion, is the 37th wealthiest person in the country. Last year, Dalio, with an estimated net worth of $22 billion, came in at No. 71. This year, his net worth dropped to $15.4 billion. Dalio, founder of Bridgewater Associates, gave up control of the hedge fund giant in 2022. Others on this year's list are: Todd Boehly, co-founder of Green- wich-based investment company Eldridge Industries, with $6 billion; Karen Pritzker, hotel entrepreneur, with $6 billion; Bradley Jacobs, founder, CEO and chairman of XPO Logistics, with $3.7 billion; and Vincent McMahon, former chairman and CEO of WWE, with $3.1 billion. Quinnipiac taps former UConn official for entrepreneurship role Quinnipiac University has hired a former UConn official to expand its innovation and entrepreneurship efforts. Mostafa Analoui has been selected to be Quinnipiac's Carlton Highsmith Chair of Innovation & Entrepreneurship. Analoui also will be responsible for creating and sustaining an external network of collaborators to boost community engage- ment and economic development. Analoui most recently worked as managing director at Pickwick Capital Partners, a New York-based investment firm. Between 2016 and 2022, Analoui served as executive director of UCONN Ventures, which helps create business startups based on technology developed by the univer- sity's faculty and staff. PHOTO | CONTRIBUTED The 800 megawatt plan known as Park City Wind in Bridgeport could be in jeopardy due to inflation and high interest rates. U.S. Marines conduct a CH-53K test flight at Sikorsky in Stratford. PHOTO | CONTRIBUTED Mostafa Analoui

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