Northern Power’s parent company in trouble

first_imgNorthern Power’s parent company in troubleThe parent company of Barre’s Northern Power Systems is facing a serious financial pinch. Distributed Energy Corp of Wallingford, CT, the parent company of Northern Power Systems in Barre, is facing a financial crisis and is trying to sell its other subsidiary, fuel cell company Proton Energy Systems. Whether Distributed survives may depend on whether it can sell Proton and with that whether private equity firm Perseus LLC of Washington, DC, will decide to inject $12.5 million into the company.Northern Power was founded by Donald Mayer and David Sellers in Waitsfield in 1974, and eventually run by Jito Coleman, the Small Business Administration person of the year in 2002. Northern Power was bought by Distributed in a merger of Northern Power and Proton in 2003. The company announced last year it was closing the Waitsfield site and moving all operations to Barre. Northern Power is the more successful of the two Distributed subsidiaries.last_img