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Flywheel storage developer Beacon Power Corp. said Tuesday it has applied for nearly $47 million in U.S. Department of Energy smart grid grants to fund two 20 megawatt flywheel energy storage plants.
The Tyngsborough-based company (Nasdaq: BCON) hopes the funding under the Smart Grid Demonstration program will help build a plant in Glenville, N.Y, outside of Albany in the New York Independent System Operator grid system as well as a plant located in one of the 12 states whose electric grid is operated by the PJM Interconnection.
Beacon Power received a conditional loan guarantee in July for construction of its first 20 megawatt storage plant in Stephentown, N.Y., on the New York/Massachusetts border. It already operates a 2 megawatt storage system at its headquarters for ISO-New England.
Flywheel systems store excess energy from renewable and other sources in large flywheels, which can then release the power in times of peak demand.
In a statement, Beacon Power CEO Bill Capp said the company is ready to begin large-scale commercial deployment of its flywheel storage systems.
Beacon Power also is preparing to finance the projects through the public markets, filing a shelf registration with the Securities and Exchange Commission to sell up to $60 million in stock.
The DOE is expected to announce grant awards in December.
Founded in 1997, Beacon Power spun out of Boston-based SatCon Technology Corp.’s Energy Systems division. In 2000, the company went public and in 2008 reported a net loss of $23.6 million on total revenue of $70,000.
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