New Jersey Energy Company Acquires Bridgeport Fuel Cell Project
Key Ideas
- NuPower, an Easton-based fuel cell developer, has sold a 9.6-megawatt combined heat and power fuel cell project in Bridgeport to a New Jersey-based energy company.
- Scale Microgrids from New Jersey will finance, build, own, and operate the project, in partnership with other companies for debt financing and tax equity.
- HyAxiom, a South Windsor-based fuel cell maker owned by South Korea's Doosan Corp., will manufacture and operate the project's fuel cells that convert natural gas into hydrogen.
- The project aims to drive economic, reliability, and sustainability outcomes in Bridgeport, utilizing innovative clean energy technology and collaboration with local companies.
NuPower, a fuel cell developer based in Easton, recently announced the sale of a 9.6-megawatt combined heat and power fuel cell project in Bridgeport to Scale Microgrids, a New Jersey-based energy company. The project is planned to be located on a half-acre parcel at 600 Iranastan Ave. Scale Microgrids will handle the financing, construction, ownership, and operation of the installation, which will include a thermal loop. The financial details of the deal were not disclosed. Investec Group and Mitsubishi UFJ Financial Group Inc. will provide debt financing, while Foss & Co. will contribute tax equity. HyAxiom, a South Windsor-based fuel cell manufacturer owned by Doosan Corp. from South Korea, will be responsible for producing, installing, and operating the fuel cells that will convert natural gas into hydrogen. The fuel cells will generate combustion-free electricity and waste heat for use in a 1.6 mile-long thermal loop in Bridgeport's South End. Scale's chief investment officer, Julian Torres, expressed excitement about the project, highlighting the opportunity to implement innovative clean energy technology for economic, reliability, and sustainability benefits in Bridgeport. He also commended the collaboration with local companies like NuPower and HyAxiom, emphasizing the expansion of their presence in Connecticut.
Topics
Utilities
Clean Energy
Technology
Sustainability
Investment
Partnership
Acquisition
Energy Company
Connecticut
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