Hartford Business Journal

financial crisis, and Doosan — with lines of revenue like being the country's Coca-Cola bottler — felt the pain on its bot- tom line. Over the last 10 years, the company has invested in businesses like large-scale infrastructure and equip- ment while becoming less reliant on its domestic market. Doosan, for example, has built every nuclear power plant in South Korea, but more than 55 percent of its worldwide employees are not Korean. The company purchased the ClearEdge assets for $32.4 million because the need for clean energy is not going away, and fuel cells offer a way for communities to generate electricity locally, rather than relying on mas- sive, far-off power plants, Chung said. "This is the first time we are making an investment where we are thinking about the next growth engine," Chung said. "It is somewhat related to what we have done in the past, but it is a new area for us." Unlike ClearEdge, which was a small company that struggled with cash flow, Doosan will be an excellent fit for the South Windsor fuel cell facilities, said Joel Rinebold, director of energy initiatives for the Connecti- cut Center for Advanced Technology. Fuel cells align with Doosan's experience power plants, construction, and supplying large industrial equipment. "They know where they area at, and they know where they want to be, and they have the resources to get there," Rinebold said. The first step in making the fuel cell subsidiary profitable is to make its product competitive, including improving the technology, Chung said. Second is developing the market opportunity, and third is creating a corporate culture that can support the business sustainably. South Korea already is the largest fuel cell market in the world, and 20 COnnECTiCUT GREEn GUiDE • SprinG 2015 www.CTGreenGuide.com Green fact: The first fuel cell was invented in 1838 by Welsh physicist William Grove. SOURCE: THE LOnDOn AnD EDinBURGH PHiLOSOPHiCAL mAGAZinE AnD Journal oF SCienCe. Three Owners in Two Years: South Windsor's Fuel Cell Operators DooSAN UTC CLEAREDGE PowER HEADqUARTERS: Seoul, South Korea Hartford Sunnyvale, Calif. FoUNDED: 1896 1975 2003 ANNUAL REvENUES: $26B $65B $100m EMPLoyEES: 43,000 211,500 250 PRIMARy PRoDUCTS: Power Plant Construction, Heavy machinery Aerospace Components, Building Systems Household Fuel Cells CEo: yongmaan Park Gregory Hayes David Wright SOURCES: UTC, DOOSAn, CLEAREDGE Chip Bottone, CEO, FuelCell Energy (Left) Kent McCord is one of the few remaining Doosan employees who also worked for ClearEdge and UTC Power. (Right) The technology for the fuel cells made by FuelCell Energy differs from the Doosan technology, with FuelCell's designed for larger applications. PHOTO | HBJ FiLE

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