Beacon Power
 |
|
| Limited Liability Company | |
| Traded as | OTC Pink (No Information): BCONQ |
| Industry | flywheel energy storage, utility frequency |
| Predecessor | Beacon Power Inc.[1] |
| Founded | 1997 |
| Headquarters | Tyngsboro, Massachusetts, U.S. |
|
Area served
|
New York, United States |
| Revenue | US$900 thousand (2010)[2] |
| US$-21,340 thousand (2010)[2] | |
| US$-22,680 thousand (2010)[2] | |
| Total assets | US$11,940 thousand (2010)[3] |
| Total equity | US$28,630 thousand (2010)[3] |
| Parent | Rockland Capital LLC[4] |
| Website | beaconpower.com |
Beacon Power is an American Limited Liability Company and wholly owned subsidiary of Rockland Capital LLC specializing in flywheel-based energy storage headquartered in Tyngsboro, Massachusetts. Beacon designs and develops products aimed at utility frequency regulation for power grid operations.
The storage systems are designed to help utilities match supply with varying demand by storing excess power in arrays of 2,800-pound (1,300 kg) flywheels at off-peak times for use during peak demand.[5]
Contents
History
Beacon Power was founded in Woburn, Massachusetts in 1997 as a subsidiary of SatCon Technology Corporation, a maker of alternative energy management systems. The company went public in 2000.[6][7][8]
In June 2008, Beacon Power opened new headquarters in Tyngsboro, with financing from Massachusetts state agencies. The new facility is intended to support an expansion of the company's operation.[5]
In 2009 Beacon received a loan guarantee from the United States Department of Energy (DOE) for $43 million to build a 20-megawatt flywheel power plant in Stephentown, New York.[9][10]
On 30 October 2011, the company filed for bankruptcy protection under Chapter 11, Title 11, United States Code in the United States bankruptcy court in Delaware.[11][12] As part of the bankruptcy court proceedings, Beacon Power agreed on November 18 to sell its Stephentown facility to repay the DOE loan.
As of 6 February 2012, Rockland Capital, a private equity firm, bought the plant and most of the company's other assets for $30.5 million.[13] Rockland Capital intends to rehire most of staff and to provide the capital to build a second 20MW plant in Pennsylvania.[14]
Competitors
There are numerous companies pursuing business opportunities presented by grid-level energy storage, including A123, Altair Nanotechnologies, Ener1, NGK Insulators Ltd, SatCon Technology Corporation, Valence Technology, and Enstorage. However, Beacon's main competitors in flywheel technology include ABB,[15] Berkeley Energy Sciences Corporation,[16] Temporal Power[17] and Vycon Energy.[18]
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See also
Notes and references
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- ↑ 5.0 5.1 Peter Howe (June 13, 2008). "Beacon Power puts new spin on clean energy", New England Cable News.
- ↑ "SatCon sells off two units for $5.6M", Mass High Tech (September 29, 2008).
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- ↑ Steven Syre (August 14, 2003). "Brownout at energy firms", The Boston Globe.
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- ↑ http://beaconpower.com/files/Beacon_Rockland_release_20120206.pdf
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Further reading
- Corum, Lyn. The New Core Technology: Energy storage is part of the smart grid evolution, The Journal of Energy Efficiency and Reliability, December 31, 2009. Discusses: Anaheim Public Utilities Department, lithium ion energy storage, iCel Systems, Beacon Power, Electric Power Research Institute (EPRI), ICEL, Self Generation Incentive Program, ICE Energy, vanadium redox flow, lithium Ion, regenerative fuel cell, ZBB, VRB, lead acid, CAES, and Thermal Energy Storage.
- Ricketts, Camille. DOE Charges Up Flywheels, Finalizes $43M Loan to Beacon Power, VentureBeat, The New York Times, August 10, 2010. Discusses Beacon Power and flywheel energy storage.
External links
- Beacon Power — Official website
- Reports and White Papers on flywheel-based energy storage systems, Beacon Power
- June 2008 newspaper article
