The US DOE has extended $43 million in conditional loan guarantees to Tyngsboro, MA-based Beacon Power. The funding will support the construction of Beacon’s 20 MW flywheel energy storage plant in Stephentown, NY, which aims to guarantee reliable delivery of renewable energy to the electricity grid. The project will introduce Beacon’s newly-developed, not-yet-commercial technology to provide frequency regulation services and increase the use of renewable energy. The loan guarantee is supported throug h the 2009 American Recovery and Reinvestment Act. (Source: Bloomberg, July 8, 2009)
Contact: Chet Lyons, Beacon Power Corporation, (978) 661-2831, email@example.com, www.beaconpower.com; Cathy Zoi, Assistant Secretary, Energy Efficiency and Renewable Energy, US Department of Energy, (202) 586-9220, firstname.lastname@example.org, www.energy.gov.