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MassDevelopment In The News
Nuvera Wins $5 Million State Development Loan for Billerica Move
February 22, 2007: Mass High Tech
Cambridge's Nuvera Fuel Cells Inc. has been granted a $5 million loan from MassDevelopment and the Massachusetts Technology Collaborative to help construct and outfit its new headquarters in Billerica, announced last year.
The loan is composed of a $2.5 million direct investment from MassDevelopment's Emerging Technology Fund and a $2.5 million investment from the collaborative's Renewable Energy Trust.
Nuvera broke ground on its new facility last summer and officials have set a target of June 2007 for relocation.
Nuvera plans to expand its 100-member work force to 250 people locally over the next five years as part of the agreement, officials said. The company has also committed to hiring 10 percent of its employees from Billerica and the surrounding Merrimack Valley area.
Nuvera makes multifuel processing and fuel cell technologies for industrial and government customers. The company has offices in the United States and Italy, and recently was awarded a $4.9 million contract from the Federal Transit Authority to develop a hydrogen-powered bus for Logan International Airport.
© Copyright 2007 Mass High Tech.
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