Tyngsboro, Mass., August 31, 2010 – Beacon Power Corp. continues to make progress on the construction of its 20 MW flywheel energy storage plant in Stephentown, New York.
The balance of the 20 MW plant is scheduled to come online by the end of the first quarter of 2011.
“Work on our Stephentown plant is proceeding according to plan,” said Bill Capp, Beacon president and CEO. “Following the successful closing of our $43 million Department of Energy loan guarantee earlier this month, we were able to submit our initial request for funds to the DOE, and have already received our first cash disbursement.”
Beacon Power Corp. designs, develops and is commercializing advanced products and services to support stable, reliable and efficient electricity grid operation.
Beacon’s Smart Energy Matrix, now in production, being operated and earning revenue, is a non-polluting, megawatt-scale, utility-grade, flywheel-based solution designed to provide less expensive, more sustainable and effective frequency regulation services to the nation’s power grid.
The company’s business strategy is both to supply frequency regulation services from its own plants and to sell systems directly to utilities or grid operators in parts of North America and selected international markets. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S.