DANBURY, CONN.—FuelCell Energy Inc., a manufacturer of ultra-clean and efficient electric power plants for commercial and industrial customers, announced it has been named to the prestigious Deloitte Connecticut Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the state by Deloitte & Touche USA LLP. Rankings are based on the percentage revenue growth over five years from 2001 through 2005.
“We are delighted to gain Deloitte’s recognition,” says R. Daniel Brdar, FuelCell Energy president and c.e.o. “Connecticut is a great incubator for a leading edge business like ours and it is an honor to be included among the state’s technology leaders for the fourth consecutive year.”
Currently, the fuel cell industry contributes to the state’s economy in several ways: by providing approximately 1,000 jobs associated with research and development, as well as the manufacturing of equipment; approximately $29 million annually in state tax revenue; approximately $2 million annually in local tax revenue; and more than $340 million annually in gross state product.
FuelCell Energy’s increase in revenues from 2001 to 2005 resulted in a number 46 ranking in the Technology Fast 50 for Connecticut.
“Deloitte’s Connecticut Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today’s very competitive technology environment,” says Alex Discepolo, director Lead Tax Services, Deloitte Tax LLP, Connecticut. “We applaud the successes of FuelCell Energy and acknowledge it as one of few companies in this region to accomplish such a fast growth rate over the past five years.”
To qualify for the Connecticut Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2001 and $5,000,000 in 2005, be headquartered in Connecticut, and be a company that owns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company’s operating revenues, or devote a significant proportion of revenues to the research and development of technology. Using other companies’ technology or intellectual property in a unique way does not qualify.
Winners of the 16 regional Technology Fast 50 programs in the United States and Canada are eligible to be entered into the Deloitte’s Technology Fast 500 program, which ranks North America’s top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte’s Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
