Electro Energy shuts down

st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; mso-ascii- mso-ascii-theme- mso-fareast- mso-fareast-theme- mso-hansi- mso-hansi-theme- mso-bidi- mso-bidi-theme-} Electro Energy Inc. abruptly announced last week it had suspended all operations, having been unable to raise sufficient capital to carry on its business developing lithium ion batteries.

At last report, the Danbury-based company had 50 employees.

In the second quarter, Electro Energy reported a $5.2 million loss on $650,000 in revenue, closing the quarter with less than $500,000 in cash on hand.

The company was founded in 1992 by Martin Klein, and over the years developed batteries for U.S. Army field radios and NASA satellites, among other applications. Under Michael Reed, its current chief executive officer, Electro Energy had been working to commercialize its technology in truck auxiliary engines.

Electro Energy”™s shares are controlled by Quercus Trust, a California fund that invests in energy companies.

 

Northeast Utilities relocates

Northeast Utilities is relocating its headquarters and 180 employees from Berlin to Hartford, adding “new luster to our capital city” in the words of Gov. M. Jodi Rell.

The company owns Connecticut Light & Power, the largest electricity provider in FairfieldCounty. The company”™s current headquarters in Berlin will remain CL&P”™s base office, with more than 1,200 workers at the facility.

The Berlin campus is located across the street from a grocery store owned by Norwalk-based Stew Leonard”™s.

Northeast Utilities is buying a building at 56 Prospect St. in Hartford from the Phoenix Companies Inc. Northeast Utilities becomes the fourth Fortune 500 company based in Hartford, joining Aetna Inc., the Hartford Financial Services Group Inc., and United Technologies Corp., the largest employer in Connecticut.