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Beacon Power Corp. has received a $24 million U.S. Department of Energy grant to construct a flywheel energy storage plant in Chicago.
The project would be the second large-scale flywheel system built by Tyngsborough.-based Beacon Power (Nasdaq: BCON). The company began construction this month of a 20 megawatt flywheel storage system in Stephentown, N.Y. It also operates a 2 megawatt plant at its headquarters.
Flywheels store electricity via a spinning wheel and then using that kinetic energy to return power back to the grid when called upon.
“We’re extremely pleased to receive this grant award from the Department of Energy,” said Bill Capp, Beacon president and CEO, in a statement. “DOE has long supported Beacon’s pioneering efforts to bring our clean, sustainable and cost-saving energy storage technology to the grid. This $24 million grant, which is the 4th largest out of 16 energy storage grants announced today, represents the most significant financial boost Beacon has ever received from the federal government. We believe it underscores the unique value and stabilizing benefits of our grid-scale flywheel systems. We’re very grateful for DOE’s continued support.”
The DOE grant will pay for about half of the cost of construction.
In September Beacon Power got notice from the Nasdaq Stock Market that it was not in compliance with listing regulations. The previous 30 business days have seen Beacon Power’s common stock below the minimum requirement of $1 per share.
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