Sun Staff and News Services
BILLERICA -- Nuvera Cuel Cells Inc., a Cambridge-based developer of fuel-cell technology that is building a new headquarters in Billerica, has landed a $5 million loan to pay for construction.
MassDevelopment, a quasi-government agency charged with stimulating economic growth, and the Massachusetts Technology Collaborative, which is making investments to maximize the economic and environmental benefits from clean energy, each issued half the proceeds.
Nuvera is using the loan proceeds to construct and outfit its new 110,864-square-foot worldwide headquarters located at 129 Concord Road in Billerica. Ground was broken June 2006, with this June 2007 being targeted for relocation.
Nuvera has said it plans to expand its 100-member work force by 250 over the term of the agreement, and has committed to hire 10 percent of its employees from Billerica and the surrounding Merrimack Valley region.
"Nuvera is an important part of the fast-growing clean energy cluster in Massachusetts," Warren Leon, Renewable Energy Trust director, said in a statement. "Companies like Nuvera are leading the way toward innovation in clean energy technologies and applications such as fuel cells, solar panels and wind turbines."
The company is one of the largest fuel-cell providers 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.
In addition to its new Billerica location, Nuvera also has offices and laboratories in two locations in Italy.
"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," said Nuvera Fuel Cells CEO Robert Cordaro.
