Print
Email
Print Edition StoriesMonday, September 21, 2009
Beacon Power hit by Nasdaq noncompliance notice
By Mass High Tech staff
New England prepared to leverage smart grid expertise
MHT's Jackie Noblett: Generating power from hot pavement
MHT's Efrain Viscarolasaga: Tech companies may have to wait for stimulus funds
The Nasdaq Stock Market has sent Tyngsborough-based flywheel storage developer Beacon Power Corp. a noncompliance notice. The last 30 business days have seen Beacon Power’s (Nasdaq: BCON) common stock below the minimum requirement of $1 per share.
Beacon Power now has until March 15, 2010, to regain compliance by meeting or surpassing a minimum stock price of $1 per share for at least 10 consecutive business days. Beacon Power closed at 72 cents on Friday.
Earlier this month, the company announced that it had applied for nearly $47 million in U.S. Department of Energy smart grid grants to fund two 20 megawatt flywheel energy storage plants. Flywheel plants are designed to store excess energy from renewable and other sources in large flywheels, which can then release the power in times of peak demand.
In addition to the company’s goal of DOE grant funding, Beacon Power has said it will fund the smart grid projects through the public markets, filing a shelf registration with the U.S. Securities and Exchange Commission to sell up to $60 million in stock.
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.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
