Hartford Business Journal

4 Hartford Business Journal • June 18, 2018 • www.HartfordBusiness.com Week in Review Briefs Stanley invests in Israeli tech company New Britain manufacturer Stanley Black & Decker said it's invested in an Israeli producer of wireless charging technology. Stanley said that its corporate venture arm is the lead investor in Humavox's ongoing funding round. Stanley didn't reveal the amount of its investment, but Humavox disclosed in a January filing with the U.S. Securities and Exchange Commission that it's aiming to raise $9 million. Humavox is developing a technology platform called ETERNA, which uses near-field radio frequency charging. The technology can be installed in various devices. Citing inappropriate behavior, Harvard Pilgrim CEO resigns suddenly Harvard Pilgrim President and CEO Eric Schultz resigned suddenly on June 12, citing "behavior inconsistent" with the company's core values and code of conduct. The not-for-profit insurer, based in Massachusetts and with operations in downtown Hartford, did not disclose details of what Schultz did. The company declined to comment beyond prepared remarks in a news release. "Regrettably, I recently exhibited behavior that was inconsistent with my personal core values and the company's core values and code of conduct," Schultz wrote in a letter to the board of directors, which was released to media. Schultz had been Harvard Pilgrim's CEO since 2010 and also led its foundation. Four years ago, he led the company into the Connecticut market, where it had more than 32,000 customers as of 2017. Harvard Pilgrim named Michael Carson as president. CT charitable giving jumps 11% to record high Despite a slow decline in the number of Connecticut foundations and individuals making charitable donations and grants, giving rose 11 percent to a record $5 billion in 2015, the most recent year for which data is available, the Connecticut Council for Philanthropy (CCP) said. The approximately $500 million increase follows a dip of 3.2 percent the year prior. Despite the growth, CCP's "Connecticut Giving Report" says it is concerned that the recently enacted federal Tax Cuts and Jobs Act could hurt giving moving forward. Forbes reported earlier this year that the law is expected to shrink the number of households claiming an itemized deduction for charitable giving and reduce the income tax subsidy for giving by 33 percent. W. Hartford's Rose Mill Co. enters tire market with Tenn. acquisition A West Hartford-based manufacturer of industrial chemicals and minerals has entered the tire manufacturing market after acquiring a Tennessee producer of rubber additives. Rose Mill Co. announced its purchase of PPS/Chempac, which will bring the Tennessee company's six jobs and rubber pre-processing operations to West Hartford by year-end. More jobs will be added in future years, Rose Mill President Jay Stolfi said. Terms of the purchase were not disclosed. Under the acquisition, the combined companies will continue PPS/ Chempac's operation in West Hartford, processing dry minerals and chemicals for tire manufacturers. CT malpractice payments rise Fresh data from the Connecticut Insurance Department shows that insurers here paid out more money for medical malpractice claims in 2017, despite there being fewer claims closed. Companies required to submit the data to CID — including insurance carriers, captive insurers and self-insured entities — reported paying $193.6 million in payments to malpractice beneficiaries in 2017, up from $174.4 million in 2016, but down from $211.2 million in 2015. TOP STORY DEEP delivers win for fuel cells S tate officials have greenlighted four major fuel cell projects, including in Hartford and New Britain, delivering a victory to an industry that has complained recently about a perceived lack of state support. The Department of Energy and Environmental Protection (DEEP) announced winning bids in a clean energy development RFP totaling nearly 254 megawatts worth of offshore wind, fuel cells and anaerobic digestion projects. That amounts to about 5 percent of the state's annual electric load. Developers submitted more than two dozen project proposals to the RFP in early April. The bulk of the winning electricity output, 200 megawatts, would come from the Revolution Wind project off the coast of New London. Selected fuel cell projects, totaling about 52 megawatts or 450,000 megawatt hours per year, include an Energy and Innovation Park in New Britain, which would include nearly 20 megawatts of fuel cells from South Windsor-based Doosan. The project, including a state-of-the-art data center, would be built on a piece of Stanley Black & Decker's former manufacturing campus. DEEP also selected a 7.4-megawatt FuelCell Energy project at 441 Homestead Ave. in Hartford. BY THE NUMBERS 4 The number of fuel cell projects selected by the Department of Energy and Environmental Protection as part of a clean-energy bidding process. 11% The percentage increase in charitable giving in the state in 2015, accord- ing to the Connecticut Council for Philanthropy. 24,000 The square footage that Windsor pre- cision aerospace manufacturer Aero Gear is adding to its Day Hill Road headquarters as part of an expansion. $95M The pricetag for a new 118,000-square-foot engineering and science building that recently debuted at UConn's Storrs campus. TOP 5 MOST READ On HartfordBusiness.com • 1. Citing inappropriate behavior, Harvard Pilgrim CEO resigns suddenly • 2. Millennials kick-start sales of W. Hartford's Bellis Bourbon • 3. University of St. Joseph restructures schools • 4. Report: CT manufacturing climate receives "C" grade • 5. Malloy, Herbst welcome new UConn Engineering and Science Building STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe A before and after shot of a proposed fuel-cell powered data center in New Britain. Eric Schultz, Former CEO, Harvard Pilgrim PHOTOS | CONTRIBUTED

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