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Print Edition StoriesWednesday, November 11, 2009
Beacon Power preps N.Y. energy plant construction
By Pam Allen, Business Review of Albany
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Beacon Power Corp. plans to begin construction November 23 on its 20-megawatt energy storage plant planned in rural Rensselaer County, N.Y.
The $69 million plant would operate with 10 pods of 20 flywheels each and store energy from the electric grid. The technology is designed to transfer energy back to the grid to avoid power surges when extra power is needed.
The Tyngsboro-based company is awaiting approval of a $43 million guaranteed loan through the U.S. Department of Energy for the project. The DOE in July conditionally approved the loan request. Beacon will start initial site work while the loan process is concluding, said Bill Capp, Beacon’s president and CEO. Construction is expected to take between 12 and 18 months.
The New York State Energy Research and Development Authority issued a $2 million grant for the project.
Beacon’s roughly $26 million equity contribution to the plant will be a combination of cash, in-kind assets and other eligible project costs. About $12 million of that already has been invested in the plant.
The Stephentown facility, on the New York/Massachusetts border, would be Beacon’s first 20-megawatt plant. The company operates a 2-megawatt plant near its Tyngsboro headquarters.
Beacon (Nasdaq: BCON) has initiated plans to build a similar plant in New York’s Schenectady County.
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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