Rockland Capital, a private-equity firm focused on energy-related investments, says it will acquire most of Beacon Power Corp.'s assets, including the company's 20 MW flywheel energy-storage plant in Stephentown, N.Y.
Under the terms of the agreement and subject to court approval, Rockland will purchase substantially all of the assets of Beacon Power and its Stephentown subsidiary, for a combination of cash and a promissory note totaling $30.5 million, along with additional guarantees and funding obligations to the U.S. Department of Energy of $6.6 million.
Rockland's purchase includes all assets of the company's 20 MW flywheel regulation plant in Stephentown; all assets in Beacon's Tyngsboro, Mass., headquarters, including the intellectual property, inventory, spare parts and equipment; assumption of an amended property lease in Tyngsboro to enable continuing operations; and many of the contracts associated with the operation of the business.
The acquired assets and agreements will be placed into a new private company named Beacon Power LLC, wholly owned by Rockland, which will rehire a majority of the current Beacon staff.
Rockland also intends to provide the necessary equity capital to develop a second 20 MW flywheel regulation plant in Pennsylvania. The bankruptcy court and the Federal Energy Regulatory Commission must approve the sale of the Stephentown assets.