Beacon Power Corp., a provider of energy-storage systems, says it has engaged the services of Group Robinson, a global adviser and investment banking firm specializing in the clean technology, energy and infrastructure sectors.
Group Robinson's immediate objective will be to identify and secure project financing for Beacon's 20 MW flywheel frequency-regulation plant, which is planned for Hazle Township, Pa. In addition, the company will assist Beacon in developing one or more lease or build-operate-transfer structures for use in marketing turnkey flywheel plants outside of the U.S.
Beacon Power has secured more than half of the funding to build the $53 million project, including a $24 million smart grid stimulus grant from the U.S. Department of Energy and a $5 million state grant.
Beacon's plant in Hazle Township will provide frequency regulation by effectively "recycling" electricity to balance supply and demand on a moment-to-moment basis, according to the company.
