March 17, 2016

Northeast hydrogen, fuel cell industry had $1.4B in revenues

HBJ File Photo
HBJ File Photo
Jeff Chung, president and CEO of Doosan Fuel Cell

The Northeast region hydrogen and fuel cell industry experienced significant growth over the last four years based on several factors such as employment, revenue and investment, labor income, and state and local tax revenue.

In 2015, the hydrogen and fuel cell supply chain contributed nearly $1.4 billion in revenue and investment, more than 6,550 direct, indirect and induced jobs, and labor income of approximately $620 million, according to a study by The Northeast Electrochemical Energy Storage Cluster, administered by the Connecticut Center for Advanced Technology Inc.

The study also reported that 2015 state and local tax revenues stemming from the Northeast region's hydrogen and fuel cell industry were in excess of $83 million.

Currently, more than 600 Connecticut companies are part of the Northeast supply chain. According to the study, Connecticut's hydrogen and fuel cell sector realized $726 million in revenue and investment, generated 3,400 direct, indirect and induced jobs plus more than $340 million in labor income, and contributed more than $39 million in state and local tax revenues in 2015.

Several key companies in the Northeast region experienced growth in either employment or investment and revenue, including FuelCell Energy, Proton Onsite, and Plug Power.

Underscoring the strength of the hydrogen and fuel cell industry in the region is Doosan Fuel Cell America, the newest addition to Doosan's global industrial and energy-related businesses. The Connecticut-based company has increased its employee base from 30 to more than 300 since its founding in 2014.

Read more

Beacon Falls fuel-cell park loses major potential customer

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll What should CT do with online fantasy sports gaming?<>
Most Popular on Facebook
Copyright 2017 New England Business Media