UTC Optimistic About Wind Power
HARTFORD, Conn. (AP) _ An executive of United Technologies Corp. says the conglomerate is more optimistic about the wind power business it recently entered than fuel cell technology that has been among its businesses for years.
Chief Financial Officer Greg Hayes told investor analysts Thursday that last year’s $382 million purchase of Clipper Windpower, a wind turbine manufacturer, helps the Hartford-based United Technologies capitalize on what he said is a $60 billion global market
In contrast, Hayes said the fuel cell market is less than $1 billion. UTC Power, a manufacturer of fuel cells, is among United Technologies’ businesses that include jet engine maker Pratt & Whitney and Otis elevator.
Hayes says that despite investments in fuel cell technology the market is still not developed. He didn’t say how much United Technologies has spent.
(Copyright 2011 by The Associated Press. All Rights Reserved.)