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Beacon Power Corp. (Nasdaq:BCON) said it began operation of its flywheel energy storage plant in New York state this week, marking the start of commercial revenue for the company.
The Tyngsboro-based company said its plant, located in Stephentown, N.Y., has connected eight of its 20 megawatts of storage capacity to the New York grid. The plant provides frequency regulation service, which aims to improve the efficiency and reliability of the grid.
Beacon, founded in 1997 as a spinout of SatCon Technology Corp. (Nasdaq:SATC), has said the $69 million would be the first of its kind. The company was financed with the help of a $43 million loan guarantee from the U.S. Department of Energy.
The plant is expected to generate $6 million a year for the company, which could double if more favorable “pay-for-performance” reimbursement terms are approved by the Federal Energy Regulatory Commission, Beacon CEO Bill Capp said previously. The company has said it expects to have the entire plant connected by April.
Meanwhile, Beacon has struggled with a sub-$1 stock price for years, and Nasdaq has given the company until March 14 to reach compliance with listing rules. Beacon shares closed at 33 cents on Monday.
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