Latest news with #NuPower
New Indian Express
22-07-2025
- Business
- New Indian Express
Chanda Kochhar found guilty of accepting a Rs 64 crore bribe in ICICI-Videocon loan case
CHENNAI: In a significant development in the ICICI Bank–Videocon loan case, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a Rs 64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. The tribunal, according to reports, in its order dated July 3, 2025, established that the payment was a clear quid pro quo, linking the disbursement of the loan to benefits received by Kochhar's husband through his firm, NuPower Renewables Pvt Ltd. The tribunal overturned a previous order issued by the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which had in November 2020 ordered the release of assets worth Rs 78 crore belonging to Kochhar. The latest ruling described the earlier decision as flawed, stating that it was based on 'irrelevant considerations' and had 'ignored material facts.' According to the tribunal's findings, the ₹64 crore was routed through Supreme Energy Pvt Ltd into NuPower, a company owned and controlled by Deepak Kochhar, Chanda Kochhar's husband. Though NuPower was initially held in the name of Videocon Group promoter Venugopal Dhoot, the tribunal accepted Dhoot's recorded PMLA statement that it was Deepak Kochhar who maintained full control over the entity. The fund transfer took place just one day after the Rs 300 crore loan was disbursed to Videocon International Electronics Ltd.
Yahoo
02-04-2025
- Business
- Yahoo
HYAXIOM, INC., ANNOUNCES NATION'S FIRST MULTI-MEGAWATT, MULTI-STORY INSTALLATION FUEL CELL PROJECT
Charter Oak Combined Heat and Power (CHP) Project in Bridgeport aims to deliver low-emission power, high CHP efficiency, and local energy benefits EAST HARTFORD, Conn., April 2, 2025 /PRNewswire/ -- HyAxiom, Inc., ("HyAxiom") a leading global fuel cell and hydrogen solutions provider, announced today it is partnering with Scale Microgrid Solutions, NuPower, LLC., and C.E. Floyd to manufacture, deploy and operate a 21-unit 9.6-megawatt Combined Heat and Power (CHP) fuel cell project in Bridgeport, Connecticut. "The Charter Oak CHP Project is a groundbreaking step toward a cleaner, more resilient energy future," said Dave Alonso, Chief Commercial Officer at HyAxiom. "By leveraging fuel cell and CHP technology, we can deliver low-emission power while enhancing grid reliability and local energy efficiency. This is a model for sustainable power solutions that can be replicated nationwide." HyAxiom's largest U.S. effort to date, the Charter Oak CHP Project represents a significant step forward in upscaling fuel cell applications to meet growing energy demands. While HyAxiom and Doosan Fuel Cell Co., Ltd., have delivered similar, even larger multi-level fuel systems in South Korea, this marks the first multi-level deployment in the U.S. and addresses critical challenges, including grid reliability and sustainability. "In addition to advancing the industry's push for low-emission power solutions, the Charter Oak CHP Project will deliver multiple benefits to the local community and Connecticut more broadly," said HyAxiom Chief Executive Officer Doo Soon Lee. "In particular, the thermal loop technology can increase the CHP efficiency by utilizing byproduct heat from the fuel cells to support the heating demand of local customers." About HyAxiom, Inc. HyAxiom is a leading global fuel cell and hydrogen solutions provider enabling reliable, cost-competitive and carbon-free energy sources for industrial and commercial uses. Building upon decades of experience in fuel cell development, HyAxiom's mission is to accelerate a sustainable energy future by delivering a full spectrum of hydrogen solutions, including fuel cells for both stationary and mobility applications as well as electrolyzers for green hydrogen production. As a core technology provider, HyAxiom is a key pillar in the Doosan Group's hydrogen vision. For more information, visit the HyAxiom website and follow us on LinkedIn. About Scale Microgrid Solutions Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Their team accelerates growth in distributed energy by providing financing to project developers, while also directly helping large energy-consuming customers take charge of their energy supply with microgrids that integrate solar, batteries, and other on-site energy assets. Learn more at About NuPower, LLC. NuPower, LLC is a sustainable energy developer based in Connecticut. The company focuses on district energy, combined heat and power and battery storage projects. Significant projects include the Plainfield Biomass Project, Cherry Street Bridgeport CHP Project and the Bridgeport District Energy project. For more information, visit About C.E. FloydC.E. Floyd Company PBC is a general contractor and construction manager in Middletown, CT and Concord, MA. They partner with clients who care about the same things they do: mission and impact. C.E. Floyd creates spaces that benefit the communities in which they work and creates opportunities to help their employees reach their full potential. They are a Certified B Corp, demonstrating a commitment to positive impact for all stakeholders, including employees, communities, and the environment. Learn more at View original content to download multimedia: SOURCE HyAxiom, Inc. Sign in to access your portfolio
