Nuvera broke ground today at their new U.S. headquarters in preparation of manufacturing job growth in Massachusetts.

Billerica, MA, June 30, 2006 – Nuvera Fuel Cells broke ground today in Billerica, MA, with Lt. Governor Kerry Healey, in preparation of its expansion into manufacturing and personnel growth in 2007.

Currently in Cambridge, MA, at a 56,000 sq. ft. facility, the new location, at 129 Concord Road, has 110,864 sq. ft, and will consist of more than 51% light manufacturing space, with the remainder consisting of combined office and research laboratory space. Nuvera has planned an estimated $15 million capital investment in the existing structure prior to their relocation, which will happen in June 2007. This expansion reflects a projected increase in staff, which will grow from 100 at its current location to more than 350 in Billerica over the next 5 years, with the highest concentration of job growth in skilled manufacturing. Nuvera has committed to hiring 10% of its staff increase from the town of Billerica.

This opportunity was made available largely in part by the Massachusetts Office of Business Development, who coordinated the effort with Mass Development and the Massachusetts Technology Collaborative. Mass Development approved a 7 year, $5.75 million loan, consisting of a $2.5 million Emerging Technology Fund (ETF) loan and a funding commitment of $3.25 million from the Massachusetts Technology Collaborative.

“Bringing new jobs to Massachusetts is a top priority and we continue to work with local companies, like Nuvera to help them grow and thrive,” said Lt. Governor Kerry Healey. “Nuvera represents the kinds of innovative companies that are the backbone of the 21st century economy and we need to do more to see them grow and add jobs in Massachusetts.”

Also vital in securing funding for the relocation was the town of Billerica, who approved a 20 year Tax Increment Financing (TIF) agreement, securing a savings of $410,364.82 for Nuvera Fuel Cells and offering Billerica a tax gain of $955,741.30. In addition, the TIF agreement states that Nuvera is committed to working with local schools to provide technical education and contributing $20,000 annually to the town in kind product and services. The New Boston Fund also supplied an extensive Tenant Improvement package.

“The Town of Billerica is most pleased to welcome Nuvera Fuel Cells to our business community. Nuvera Fuel Cells has committed to hiring Billerica residents. Their customers will stay in Billerica hotels and utilize other local services. Suppliers will look to locate closer to Nuvera Fuel Cells as the company grows and expands,” commented Ellen Day Rawlings, Chairwoman of the Billerica Board of Selectman. “Nuvera Fuel Cells is also committed to working with the Town on possible applications of its technologies to the delivery of municipal services, thereby saving residential taxpayers money. We are proud of all our businesses, and are pleased Nuvera Fuel Cells will be joining the Billerica community.”

Nuvera Fuel Cells CEO Roberto Cordaro commented, “As we are now in the launch phase for three new products which will come to the market in 2007 to serve the materials handling and chemical process industry, Nuvera’s immediate requirement was to identify and select a new site for their U.S. operations, which includes headquarters, R&D, manufacturing, and training functions. Nuvera’s leadership in the alternative energy industry, and its long-term commitment to the Commonwealth’s economy and the region, will help maintain Massachusetts’s technology image.”

The team for this extensive project is as follows: New Boston Fund, Inc., Cushman and Wakefield, Margulies and Associates, and Erland Construction, Inc.

Nuvera Fuel Cells is a global leader in the development and advancement of multi-fuel processing and fuel cell technology committed to providing clean, safe and efficient power solutions. With offices located in Italy and the USA, Nuvera is committed to advancing the commercialization of hydrogen fuel cell power modules for industrial vehicles, equipment and stationary applications, natural gas fuel cell power systems for cogeneration applications, and on-board gasoline fuel processors and fuel cell stacks for automotive applications. Nuvera Fuel Cells Europe is ISO 9001:2000 certified for “Research, Development, Design, Production and Servicing of Fuel Cell Stacks and Fuel Cell Systems.”

Capitalized by the Massachusetts State Legislature in 2004, the Emerging Technology Fund helps technology-based businesses to relocate and expand in the Commonwealth. Administered by Mass Development, the $25 million fund provides companies like Nuvera Fuel Cells with loans and guarantees for facilities and specialized equipment. To date, eleven companies have received more than $14,800,000 in ETF financing, resulting in the projected creation of 975 jobs during the next five years. Two additional loans have been approved by the agency’s board of directors totaling approximately $4,000,000 in low-interest financing. When final, these two projects will result in the creation of 290 additional jobs during the same five year period.

Contact
Danielle Andre
Marketing Communications Coordinator
Nuvera Fuel Cells
Tel: +1-617-245-7571
Fax: +1-617-245-7511
Email: DAndre@nuvera.com