US conglomerate United Technologies Corporation (UTC) has sold its stationary fuel cell division to Oregon-based ClearEdge Power.
UTC Power has installed over 300 of its PureCell stationary fuel cells systems in 19 countries and on six continents for large industrial clients and power grids. ClearEdge's products are focused more on the homeowner and small businesses.
The financial terms of UTC Power's sale were not disclosed. Industry analysts have speculated UTC sold the fuel cell subsidiary for a deep discount just to unload the venture, as the unit had never turned a profit.