EAST HARTFORD, Conn., March 17, 2016 (GLOBE NEWSWIRE) -- The Northeast Electrochemical Energy Storage Cluster (NEESC), administered by the Connecticut Center for Advanced Technology, Inc. (CCAT), recently commissioned an independent IMPLAN economic analysis of the region's hydrogen and fuel cell industry.
The study's findings suggest that the hydrogen and fuel cell industry in the Northeast region experienced 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 had a significant bearing on the region's economy, contributing nearly $1.4 billion in revenue and investment, more than 6,550 direct, indirect and induced jobs, and labor income of approximately $620 million. 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.
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.
"We were very pleased to see growth in the industry here in the Northeast given the competitive nature of the industry and the significant recruitment efforts from other countries," stated Joel Rinebold, director, energy initiative, CCAT. "The policies and programs in place to support these companies from the individual states and several federal agencies, such as the Small Business Administration and the Department of Energy has really paid off."
The report highlighted the contribution of the hydrogen and fuel cell industry in three key states in the Northeast, including Massachusetts, New York, and Connecticut.
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.
ABOUT CCAT
Connecticut Center for Advanced Technology Inc. (CCAT) is a nonprofit organization, headquartered in East Hartford, Conn., that advances innovation in applied technologies, IT strategies, STEM education, career development, and energy solutions. By creating and leading state, regional, and national partnerships, CCAT inspires and helps manufacturers, academia, government and nonprofit organizations to succeed. Learn more at ccat.us, or follow CCAT on Twitter - @CCATInc.
ABOUT NEESC
Northeast Electrochemical Energy Storage Cluster is a network of industry, academic, government and non-governmental leaders working together to provide energy storage solutions. The cluster is focused on the innovative development, production, promotion and deployment of hydrogen fuels and fuel cells to meet the pressing demand for energy storage solutions. The cluster is based in New York, New Jersey, and the New England States. Its initial formation and development is funded through the US Small Business Administration's Innovative Economies Initiative and administered by CCAT.