Beacon Power
 | |
| Company type | Public (Nasdaq: BCON) |
|---|---|
| Industry | flywheel energy storage, utility frequency |
| Founded | 1997 |
| Headquarters | , |
Key people | F. William Capp, Chief Executive Officer |
| Revenue | US$1.39 million (2007)[1] |
Number of 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.[4]
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.[5][6][7]
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.[4]
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.[8][9]
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.[10][11] As part of the bankruptcy court proceedings, Beacon Power agreed on November 18 to sell its Stephentown facility to repay the DOE loan.
As of the 6th February 2012, Rockland Capital, a private equity firm, bought the plant and most of the company's other assets for $30.5 million.[12] Rockland Capital intend to rehire most of staff and to provide the capital to build a second 20MW plant in Pennsylvania.[13]
Competitors
Beacon Power's main competitors include A123, Altair Nanotechnologies, Ener1, NGK Insulators Ltd, Satcon Technology Corporation, Valence Technology, and Enstorage.
See also
Notes and references
- ^ "Beacon Power wins $340K flywheel system deal for wind project", Mass High Tech (April 29, 2008).
- ^ Google Finance Key Stats
- ^ "Company Profile for Beacon Power Corporation (BCON)". Retrieved 2008-10-21.
- ^ a b Peter Howe (June 13, 2008). "Beacon Power puts new spin on clean energy", New England Cable News.
- ^ "SatCon sells off two units for $5.6M", Mass High Tech (September 29, 2008).
- ^ "Beacon Power's Affiliate, Satcon Technology Corporation, to Distribute Five Million Beacon Power Shares" (Press release). SatCon Technology Corporation. September 13, 2001.
- ^ Steven Syre (August 14, 2003). "Brownout at energy firms", The Boston Globe.
- ^ Fact Sheet: The Department of Energy's Loan Programs, March 5, 2010
- ^ Beacon Power, Nordic Windpower Get $59M DOE Loan Guarantees, July 2, 2009
- ^ Beacon Power, Backed by U.S. Loan Guarantees, Files Bankruptcy, October 31, 2011
- ^ Milford, Phil (December 27, 2011). "Beacon Power Wins Judge's Approval for Auction Procedures". Bloomberg.
- ^ "UPDATE 1-Beacon Power finds buyer, Energy Dept sees return". Reuters. February 6, 2012.
- ^ http://beaconpower.com/files/Beacon_Rockland_release_20120206.pdf
External links
- Beacon Power — Official website
- June 2008 newspaper article