Beacon Power to build flywheel energy storage plant

Published: 06-Feb-2010

Beacon Power Corporation announced that it is planning to construct nation's first full-scale flywheel energy storage plant in New York.

Beacon Power plans to hire approximately 50 new employees this year at its Tyngsboro, Massachusetts, headquarters, as it ramps up production of its grid-scale flywheel energy storage systems.

The decision to expand the Company's workforce comes following a series of positive developments, including more than a full year of successful operation on the New England grid, a $43 million conditional loan guarantee commitment from the US Department of Energy (DOE), and the award of a $24 million DOE smart grid stimulus grant. Beacon also raised $20 million in equity investment in December, a portion of which will provide the remaining capital required to close the DOE loan and build the Company's first full-scale 20 MW plant.

Beacon also raised $20 million in equity investment in December, a portion of which will provide the remaining capital required to close the DOE loan and build the company's first full-scale 20 MW plant.

The flywheels being produced this year will be installed at Beacon's 20 MW plant in Stephentown, New York, which is currently under construction. A portion of this first plant is expected to begin earning revenue by providing frequency regulation, an essential grid-balancing service, on the New York State electricity grid in the fourth quarter of this year.

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