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Print Edition StoriesBeacon Power Corp. (Nasdaq: BCON) has earned gross proceeds of $506,000 through the sale of preferred stock, in connection with a public offering initiated in December, according to a regulatory filing.
The Tyngsborough-based company completed the first portion of the public offering on Dec. 23, a $10 million offering of Series B convertible preferred stock.
The company has said it would seek to earn up to $5 million more through preferred warrants, which come with the rights to buy preferred stock that is convertible into common stock. On Jan. 12 and 13, holders of preferred warrants bought 506 shares of preferred stock, which was immediately converted into common stock and brought $506,000 to Beacon Power, according to a filing with the U.S. Securities and Exchange Commission.
The filing says an additional 4,494 shares of preferred stock are available.
Beacon, a developer of “flywheel” energy storage technology, has said its first plant, located in Stephentown, N.Y., could connect to the grid any time now at 20 percent capacity. This would mark the start of commercial revenue for the company, which was founded in 1997 as a spinout of SatCon Technology Corp.
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