GE names ecomagination winners
Two New Hampshire startups were among five worldwide that received $100,000 innovation awards from General Electric Co. and partner venture capital firms, recognizing ideas to improve electrical grids.
Launched in July, the “GE ecomagination Challenge: Powering the Grid” is a $200 million challenge to uncover breakthrough ideas to create a smarter, cleaner, more efficient electric grid, and accelerate the adoption of more efficient grid technologies.
Fairfield-based GE said the challenge issued under its “ecomagination” brand generated 4,000 ideas in just 10 weeks. Sponsors included Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byer, and RockPort Capital.
The winning ideas included a proposal from Lebanon, N.H.-based IceCode to remove ice from wind turbines through the use of high-power pulses to apply heat from the inside out, with Dartmouth College contributing to the project.
Hollis, N.H.-based ElectricRoute won for its idea to create a secure communications gateway point for electricity transmission and distribution systems, which it says would eliminate duplicate sensors and thousands of copper lines running inside the substation.
Other proposals included an “intelligent” water meter that can generate its own power; a technology to solve short-circuiting and outages from overloaded electric grids by enabling precise control over their flow and power; and a lightweight, inflatable wind turbine.
Barnes to head OPM
Former Stamford official and resident Ben Barnes is slated to lead the Connecticut Office of Policy and Management, after Dan Malloy is sworn in as governor.
Barnes has led operations for the Bridgeport school system; previously he led operations and finance for the city of Stamford while Malloy was mayor. He is a graduate of Swarthmore College and holds a master”™s degree in urban planning from New York University.
As head of OPM, Barnes will oversee the governor”™s budget preparations and monitor spending. In mid-November, Gov. M. Jodi Rell provided the Malloy transition team with a proposed budget that would result in a $3.4 billion deficit for the 2011 fiscal year that begins next July.
Feds reverse stance on grandfather status
The federal government reversed its stance on employer insurance plans that qualify for “grandfather” status under the health reform law, saying companies can now change insurers without automatically being exposed to some elements of reform, such as providing full coverage for preventative health services.
The U.S. Department of Heath and Human Services said the threat of those added costs were stopping some companies from shopping around, resulting in their having to pay more for insurance with their existing carriers.
U.S. drops case against UBS
The U.S. government withdrew its civil lawsuit against UBS AG, after Switzerland”™s tax administration handed over account details on some 4,000 UBS account holders the United States had suspected of evading taxes.
Zurich-based UBS is among Fairfield County”™s largest employers, with a large investment banking and trading operation in Stamford and wealth management offices in Greenwich, Stamford and Westport.
Milford power plant acquired
EquiPower Resources Corp. is acquiring the owner of a 548 megawatt power plant in Milford. EquiPower, a Hartford-based affiliate of Energy Capital Partners, said the deal makes it the fifth largest generator of power in New England with approximately 1,800 megawatts of capacity.
EquiPower did not immediately disclose what it paid for Milford Holdings Corp. and Milford Power Co. L.L.C.
Money pours into hedge funds
Hedge fund inflows jumped by half between September to October according to Hedgefund.net, with Fairfield County home to one of the largest concentrations of hedge funds in the world.
The $18.4 billion in new investment dollars was the highest since November 2009, and the sector now has $2.4 trillion in assets worldwide.
Hedgefund.net attributed the renewed investor confidence in part to the Federal Reserve”™s decision to stimulate growth.
OTS approves People”™s United deals
The federal Office of Thrift Supervision approved People”™s United Financial Inc.”™s $60 million acquisition of Hauppauge, N.Y.-based Bank of Smithtown, and its $96 million deal for Riverbank of North Andover, Mass.
Separately, Bridgeport-based People”™s United created a website for its community foundation at HYPERLINK “http://www.pucf.com”www.pucf.com.
Letarte relocates
Letarte Swimwear Inc. relocated its headquarters to 160 Carter Henry Drive in Fairfield, where it is leasing 6,500 square feet of space.
The company”™s swimsuits and cover-ups are sold at Letarte stores in Maui and Nantucket and other retailers, and a dozen of its bikinis were featured in the 2010 Sports Illustrated swimsuit edition. Founded by sisters Lisa Letarte Cabrinha and Michele Letarte Ross, the label marked its 10th anniversary this year.
Letarte has been located at 2317 Black Rock Turnpike in Fairfield. The company retained Angel Commercial L.L.C. as its real estate broker.
