Hartford Business Journal

HARTFORDBUSINESS.COM | MARCH 24, 2025 3 PHOTO | COSTAR HBJ FILE PHOTO Tomo's current Stamford headquarters at 200 Atlantic St. A 1.4-MW fuel cell at Trinity College, owned by Danbury-based FuelCell Energy. BIZ BRIE FS "Our Cash Management Solutions will help ensure that your business banking processes are efficient, effective and safe from fraud." – J E N N I F E R Y E R G E A U, V i c e Pre s i d e n t , Ca s h M a n a g e m e n t Co m m e rc i a l & I n s t i t u t i o n a l S a l e s j y e rg ea u @ b a n ka t p e o p l e s . c o m | 8 6 0 . 3 9 7 . 9 0 1 4 Fraud Protection • Check Positive Pay • ACH Positive Pay • Online Banking Tools Secure access codes and tokens Customizable alerts Definable user access levels Dual control settings Real-time stop payments Member FDIC bankatpeoples.com/fraud-protection Learn More from 3% to 3.3% over the last 24 months. The number of jobs added in 2024 was about 18.4% less than the 19,600 jobs added in 2023. Connecticut's healthcare and social assistance industry sector saw the most job gains in 2024, DOL said. However, the number of manufac- turing jobs declined by 1,400 in 2024. In January, Connecticut added another 2,300 jobs, as the state's unemployment rate rose one-tenth of a percentage point to 3.3%, according to the DOL. CT fintech company relocating to NYC says it's in search of 'larger talent pool' Tomo Mortgage, an online mort- gage lender based in Stamford since 2020, plans to relocate its headquar- ters to New York City. The company announced the move as it closed a $20 million Series B financing round backed by new investor Progressive Insurance. It will use the funding to "support growth across its team and product offerings," the company said. Tomo's 28 employees in its leased Stamford headquarters will move to the New York City headquarters at 1411 Broadway in Manhattan, Vice President Will Begeny said. "Tomo is entering its next stage of growth, and being in New York City allows us to tap into a larger talent pool and better support our expanding team," he told the Hartford Business Journal. "Stamford has been a great place to launch and build, but as we scale, having a base in the country's largest business hub ensures we can attract top talent and continue delivering the best experi- ence for homebuyers." FuelCell Energy announces more cost-cutting on 'journey towards profitability' Danbury-based FuelCell Energy said it expects to cut operating costs by 15% in 2025, following a recent round of layoffs and reductions in research and development spending. In the first quarter of fiscal year 2025, FuelCell reported a net loss of $32.4 million, down from a loss of $42.5 million in the year-ago period, according to its quarterly earnings report. The company said it cut its R&D spending in the first quarter of 2025 to $11.1 million, as it curtails efforts to commercially develop solid oxide power generation and electrolysis technology. In November 2024, FuelCell said it cut about 13% of its workforce, or 75 employees, as part of a restructuring of its operations in the U.S., Canada and Germany. The move was meant to reduce operating costs and realign the company's resources toward its core technologies. FuelCell plans to further reduce oper- ating costs by 15% this year by cutting spending on product development and overhead, the company said. CT companies involved in spate of M&A, investment deals There's been a series of recent merger and investment deals involving Connecticut companies. • Professional Electrical Contractors of Connecticut Inc., a full-service electrical contracting firm that has a regional office in Plainville, has received an undisclosed investment from private equity firm Alaris Equity Partners. • A Putnam-based insurance agency, Archambault Insurance Associates, was acquired by World Insurance Associates LLC in New Jersey, one of the 50 largest U.S. insurance brokerage firms. • Apella Wealth, a West Hart- ford-based financial advisory firm, has bought a Pennsylvania-based investment advisor, Marrella Private Wealth. • A privately held waste remediation company in Portland, RED Technolo- gies LLC, has been acquired by New Jersey-based sustainable waste business Reworld Holding Corp.

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