DOE Does Not Offer Second Loan Guarantee To Beacon Power

Beacon Power Corp., a provider of advanced energy-storage products and services, has announced that its recent application for a loan guarantee for a flywheel frequency regulation plant to be built in Glenville, N.Y., did not receive approval from the U.S. Department of Energy (DOE) to proceed to the next review stage.

‘While we are disappointed with DOE's decision, the support we've received from the agency has been excellent, as we signed a $2.8 million [Advanced Research Projects Agency-Energy] contract last month, closed a $43 million loan guarantee in August for our Stephentown plant, and were awarded a $24 million smart grid stimulus grant last November,’ says Bill Capp, Beacon president and CEO. ‘While we complete the Stephentown plant, we continue to move forward with our second 20 MW facility – leveraging the stimulus grant – in the PJM grid region.’

SOURCE: Beacon Power Corp.

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