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HARTFORDBUSINESS.COM | SEPTEMBER 22, 2025 3 BIZ BRIE FS UConn Athletics Director David Benedict. HBJ Photo | Steve Laschever • Sponsorship agreements of at least $25,000. Unused portions of the credit may be carried forward for up to 15 years. Rallybio receives $12.5M equity milestone payment Just a few months after agreeing to sell one of its therapies to Utah-based Recursion Pharmaceuticals in a deal worth up to $25 million, Rallybio Corp. has collected its first milestone payment. The New Haven biotech, which focuses on rare diseases, said it received $12.5 million after Recursion began additional preclinical studies for REV102, an experimental treatment for hypophosphatasia, a rare bone disorder. REV102 was originally developed through a joint venture between the two companies and advanced into studies earlier this year that could clear the way for human testing. Loss of Revolution Wind could cost ratepayers $500M a year, DEEP says Connecticut regulators say canceling the nearly complete Revolution Wind project could increase electricity costs across New England by up to $500 million a year starting in 2028. The offshore wind farm, being built off Rhode Island, is about 80% finished and was expected to generate 704 megawatts — roughly 2.5% of the region's power. The Trump administration halted work last month, citing national security concerns. The Department of Energy and Environ- mental Protection said losing the project would force reliance on more expensive generators, raising wholesale prices and heightening the risk of blackouts. DEEP also estimated Connecticut ratepayers could lose up to $200 million in savings tied to the project's 20-year contract. Critics, including some state lawmakers, question whether offshore wind will lower costs. Supporters warn that canceling a project this far along could drive up bills and discourage future investment. Construction contract awarded for pier replacement at Groton sub base The U.S. Navy has awarded Nebraska-based Weeks-Cashman an $87.8 million contract to replace Pier 31 at the Naval Submarine Base in Groton, with options that could bring the total to $95.6 million. The new pier will be built to accommodate Block V Virginia-class submarines, which feature expanded payload modules produced by Electric Boat. Work is expected to be completed by November 2027. The project includes a pier extension, electrical upgrades, dredging and reloca- tion of a floating security barrier. CT cable installer acquired by New York private equity firms A Bethel-based cable installation company has been acquired by two New York private equity firms. Hudson Glade has partnered with New State Capital Partners to purchase ComNet, an installer of low-voltage structured cabling, audiovisual and security systems for commercial customers. ComNet's CEO Glenn Wagner and existing management will continue to lead the business after the deal is closed. Financial terms were not disclosed. The Naval Submarine Base in Groton. Contributed Photo | U.S. NAV Y We're here for your heart— and for you. At the Hoffman Heart and Vascular Institute, we treat more than heart conditions—we treat people. Our cardiac team brings together advanced expertise in rhythm, blood flow and structural heart care, delivered with leading technology and a commitment to treating every patient with compassion and precision. Because understanding your story helps us deliver care that's both advanced and deeply personal. Learn more at TrinityHealthOfNE.org/Heart. A turbine installation for Revolution Wind. Contributed Photo Downtown Hartford hotel sells for $6M A 96-room hotel across from the state Capitol in Hartford has been sold for $6 million. JD Hartford LLC purchased the nine- story Capitol Hotel property at 440 Asylum St., according to Victor Antico of Berkshire Hathaway HomeServices New England Properties, who brokered the deal. The buyer plans to renovate and reposition the 1961-vintage building and is exploring potential franchise options, Antico said. JD Hartford LLC doesn't list a principal in state business records, but it does list a Springfield, Mass., business address.