Business & Real Estate

Connecticut company lays off 135 employees

A Connecticut fuel cell maker has announced that it is laying off 135 employees, a move it says will save $11.5 million annually.

The News Times reports that FuelCell Energy Inc. announced the layoffs Friday. The company has headquarters in Danbury and its main factory in Torrington.

FuelCell reported a $33 million loss in the first quarter of its fiscal year covering November through January, with revenue down by more than half to $17.8 million. The company's assets totaled $346 million entering February, including $27.7 million in cash unrestricted by any contractual requirements.

In January, FuelCell reworked the terms of a $10 million loan from the state, reducing a job requirement.

The company reported having 430 employees in Connecticut as of October.

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