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Connecticut Governor Hails Retail Supplier's New, Expanded HQ in State

May 24, 2016

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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

Connecticut Governor Dannel P. Malloy announced that Crius Energy, through its wholly owned subsidiary Regional Energy Holdings, will relocate its headquarters to Norwalk, where the company will retain its 200 jobs and create 225 new positions within the next four years.

"Founded by a Connecticut entrepreneur, Crius Energy has grown dramatically over the past seven years to become a publicly traded, international company, and we're committed to helping it expand even further," Governor Malloy said. "This company is helping to fuel the high-tech, innovative economy of tomorrow that is creating good paying jobs all while creating advanced, renewable energy options. We are excited to see them expand here in Connecticut."

Crius has exceeded the capacity of its current locations in Stamford. The company is planning a $29 million project, which includes the renovation of 48,000 square feet of space at 535 Connecticut Avenue located in Norwalk. The new office will accommodate continued growth, as well as help enhance the work environment and efficiency of the company's current Connecticut operations.

Crius CEO Michael Fallquist said, "On behalf of our more than 300 employees, 22,000 Independent Viridian Associates and 900,000 customers, I would like to thank Governor Malloy and the state for working with us and supporting our future growth in Connecticut. We look forward to bringing Crius' hands-on commitment to improving the communities where we work and live to the City of Norwalk and we're thrilled to remain and grow in our home state."

The Connecticut Department of Economic and Community Development (DECD) will provide a ten-year, $8 million low-interest loan to support the project. State funding may be used for fixtures and equipment and leasehold improvements. In addition, the company is eligible for up to $2 million in tax credits through the Urban and Industrial Sites Reinvestment Tax Credit Program, as well as a $100,000 grant to train employees.

"Connecticut is the right place for innovative companies like Crius Energy. This project will further develop the state's maturing innovation ecosystem, which is enabling Connecticut entrepreneurs to explore and test more great ideas, find partners, attract investment, and connect with the customers they need to grow," DECD Commissioner Catherine Smith said. "Our partnership with Crius Energy is an exciting next step in our long-standing efforts to keep jobs and businesses here in the state, as well as making Connecticut's renewable energy future a reality."

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