Renew Grid: Content / FYI / Beacon Power Closes $43 Million Loan Backed By The DOE

by Renew Grid on 09 Aug 2010

Beacon Power Corp., a provider of energy-storage products and services, has closed on a $43 million loan guaranteed by the U.S. Department of Energy (DOE). The transaction wraps up the financing for Beacon's 20 MW flywheel energy-storage plant, which is currently under construction in Stephentown, N.Y.

"With the closing of this financing for our first 20 MW plant, we look forward to growing the company, creating jobs and continuing to deploy our technology in the U.S.," says Bill Capp, president and CEO of Beacon.

The flywheel systems at the Stephentown plant are intended to provide frequency-regulation services to help stabilize and enhance the performance of the New York power grid and enable the greater use of renewable energy sources.

SOURCE: Beacon Power

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