Beacon Power

Beacon Power
Type Public (NASDAQ: BCON)
Industry flywheel energy storage, utility frequency
Founded 1997
Headquarters Tyngsborough, Massachusetts, U.S.
Key people F. William Capp, Chief Executive Officer
Revenue US$1.39 million (2007)[1]
Employees 44 (2008)[2]
Website beaconpower.com

Beacon Power (NASDAQ: BCON) is an American corporation specializing in flywheel based energy storage headquartered in Tyngsborough, Massachusetts. Beacon designs and develops products aimed at utility frequency regulation for power grid operations.

The storage systems are designed to help utilities match supply with varying demand by storing excess power in arrays of 2,800-pound (1,300 kg) flywheels at off-peak times for use during peak demand.[3]

Contents

History

Beacon Power was founded in Woburn, Massachusetts in 1997 as a subsidiary of SatCon Technology Corporation, a maker of alternative energy management systems. The company went public in 2000.[4][5][6]

In June 2008, Beacon Power opened new headquarters in Tyngsboro, with financing from Massachusetts state agencies. The new facility is intended to support an expansion of the company's operation.[3]

In 2009 Beacon received a loan guarantee from the United States Department of Energy (DOE) for $43 million to build a 20-megawatt flywheel power plant in Stephentown, New York.[7][8]

On 30 October, 2011, the company filed for bankruptcy protection under Chapter 11, Title 11, United States Code in the United States bankruptcy court in Delaware.[9] As part of the bankruptcy court proceedings, Beacon Power agreed on November 18 to sell its Stephentown facility to repay the DOE loan.

Competitors

A123, Altair Nanotechnologies, Ener1, NGK Insulators Ltd, Satcon Technology Corporation, Valence Technology, Enstorage.

Notes and references

  1. ^ "Beacon Power wins $340K flywheel system deal for wind project", Mass High Tech (April 29, 2008).
  2. ^ Google Finance Key Stats
  3. ^ a b Peter Howe (June 13, 2008). "Beacon Power puts new spin on clean energy", New England Cable News.
  4. ^ "SatCon sells off two units for $5.6M", Mass High Tech (September 29, 2008).
  5. ^ "Beacon Power's Affiliate, Satcon Technology Corporation, to Distribute Five Million Beacon Power Shares" (Press release). SatCon Technology Corporation. September 13, 2001. http://findarticles.com/p/articles/mi_m0EIN/is_/ai_78228462. 
  6. ^ Steven Syre (August 14, 2003). "Brownout at energy firms", The Boston Globe.
  7. ^ Fact Sheet: The Department of Energy's Loan Programs, March 5, 2010, http://www.energy.gov/8719.htm 
  8. ^ Beacon Power, Nordic Windpower Get $59M DOE Loan Guarantees, July 2, 2009, http://www.greentechmedia.com/articles/read/beacon-power-nordic-windpower-get-59m-doe-loan-guarantees/ 
  9. ^ Beacon Power, Backed by U.S. Loan Guarantees, Files Bankruptcy, October 31, 2011, http://www.businessweek.com/news/2011-10-31/beacon-power-backed-by-u-s-loan-guarantees-files-bankruptcy.html 

External links