Beacon Power to restructure operations

WILMINGTON, Mass., March 13, 2002 — Beacon Power Corp., a development-stage company which designs, develops and offers for sale battery-free, flywheel-based power systems to provide highly reliable, cost-competitive, environmentally-friendly, uninterruptible electric power, today announced the first steps in restructuring its operations.

“In response to delays in achieving commercialization of our flywheel systems given the dramatic, worldwide pullback in capital spending in our targeted telecommunications market, we are revising our business model and restructuring Beacon Power’s operations,” said Bill Capp, President and CEO.

“I will be reviewing our strategy at the CIBC World Markets Annual Global Energy Conference in New York City on March 20. To ensure the availability of resources necessary to pursue our business strategy and to reduce our cash burn, Beacon Power has implemented a reorganization of its workforce and reduced headcount by 33 employees, or approximately 37 percent. With this reorganization, we expect to have sufficient cash on hand to fund our operations for slightly more than 24 months. Reducing our staff is never an easy decision and we deeply appreciate the contributions all our employees, past and present, have made to Beacon Power.”

Visit Beacon Power on the Internet at www.beaconpower.com


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