WILMINGTON, Mass., March 25, 2003 — Beacon Power Corp., a developer of high performance flywheel energy storage systems, announced that to develop strategic relationships in renewable energy, it has invested $1 million in the Series A Preferred Stock of Evergreen Solar, Inc. on the same terms as the other investors in the financing.
In addition, Beacon has also purchased a three-year warrant for $100,000, exercisable for 2,400,000 shares of Evergreen’s common stock. Evergreen Solar has issued a press release relating to the transaction.
Bill Capp, Beacon’s CEO and President said, “This decision is an investment in a strategic market for our next product now in development. Also, we view this as an attractive investment opportunity.
Our next generation 25kWh product is an extension of our existing products that are performing very well in the field – now having passed over 250,000 hours of operation in critical applications without an interruption of the customers load. Because our composite flywheels scale well, we will be able to offer this new product with a much improved value proposition. One of the target markets for this product is renewable energy – both solar and wind. This investment will enhance our ability to develop strategic relationships in this rapidly growing industry.”
About Beacon Power Corporation
Beacon Power Corporation is a development-stage company which designs, develops, configures, and offers for sale power systems that provide highly reliable, high-quality, uninterruptible electric power. It is best known for its environmentally friendly, flywheel-based products (employing a flywheel made from proprietary composite materials) that can store and deliver energy in a variety of configurations. Such products have longer life, reduced maintenance, quicker recharging, remote monitoring and other advantages over competing solutions.
Visit Beacon Power on the Internet at www.beaconpower.com.