News: MassDevelopment, Massachusetts Technology Collaborative Support Nuvera Fuel Cells Expansion in Billerica
Energy Firm Committed to Creating 250 Jobs in Next Five Years
MassDevelopment and the Massachusetts Technology Collaborative (MTC) today announced a $5,000,000 loan for Nuvera Fuel Cells, Inc. of Cambridge. Nuvera will use loan proceeds to construct and outfit its new 110,864-square-foot worldwide headquarters located at 129 Concord Road in Billerica.
Specifically, the loan is comprised of a $2,500,000 direct investment from MassDevelopment’s Emerging Technology Fund (ETF) and a $2,500,000 direct investment from the MTC’s Renewable Energy Trust. Nuvera broke ground for its new facility in June 2006, and have set a target of June 2007 for relocation. Nuvera also plans to expand its 100-member workforce by 250 over the term of the agreement, and has committed to hire 10% of its employees from Billerica and the surrounding Merrimack Valley Region.
"MassDevelopment is pleased to support Nuvera Fuel Cells’ upcoming expansion," said Robert L. Culver, MassDevelopment President and CEO. "Our Emerging Technology Fund works not only to bring new businesses to the Commonwealth, but also to encourage Bay State companies to stay here and grow. I applaud Nuvera’s commitment to job creation and business development in Massachusetts."
Founded in 2000, Nuvera Fuel Cells is a global leader in the development and advancement of multi-fuel processing and fuel cell technology, and one of the largest fuel cell companies in the state. A fuel cell combines hydrogen and oxygen in a chemical reaction that yields electricity, heat, and water. Nuvera specializes in the commercialization of hydrogen fuel cell power modules for industrial vehicles and equipment, power generation, and transportation; supplying manufacturers, end users, and governments around the world. In addition to its new Billerica location, Nuvera also has offices and laboratories in two locations in Italy.
"The assistance provided by MassDevelopment and Massachusetts Technology Collaborative will help us continue to grow in the Commonwealth," commented Nuvera Fuel Cells CEO Robert Cordaro. "Our state of the art new facility will accelerate the commercialization of our first product offerings, and allow us to maintain our leadership position in the alternative energy industry."
"Nuvera is an important part of the fast-growing clean energy cluster in Massachusetts," said Renewable Energy Trust Director Warren Leon. "Companies like Nuvera are leading the way toward innovation in clean energy technologies and applications such as fuel cells, solar panels, and wind turbines."
MTC administers the state’s Renewable Energy Trust, which is making investments to maximize the economic and environmental benefits from clean energy. The Trust has awarded loans and grants to support more than 800 clean energy projects across the state. More businesses, homeowners and communities are installing clean energy systems today than at any other time in the state’s history. For more information on financial incentives, visit online at www.masstech.org.
Initially capitalized by the Massachusetts State Legislature in 2004 and recapitalized in September 2006, the Emerging Technology Fund helps technology-based businesses relocate and expand in the Commonwealth. Administered by MassDevelopment, the $35 million fund provides loans and guarantees for facilities and specialized equipment. To date, 14 companies have received more than $21 million in ETF financing, supporting the creation of 1,114 jobs over the next five years. Two additional loans have been approved by the agency’s board of directors totaling approximately $3,500,000 in low-interest financing. When final, these two projects will result in the creation of 349 additional jobs during the same five year period.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. Between FY 2004 and FY 2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.
Nuvera Fuel Cells is a global leader in the development and advancement of multi-fuel processing and fuel cell technology committed to providing clean, safe, and efficient power solutions. With offices located in the US and Italy, Nuvera is committed to advancing the commercialization of hydrogen fuel cell power modules for industrial vehicles, equipment, and stationary applications, natural gas fuel cell power systems for cogeneration applications, on-site hydrogen generation and on-board gasoline fuel processors, and fuel cell stacks for automotive applications.
