Energy storage manufacturer files for bankruptcy

Beacon Power Corp. filed for Chapter 11 bankruptcy Oct. 30 in U.S. Bankruptcy Court in Delaware, according to news reports.

Beacon received a $43 million loan guarantee through the same program that loaned $535 million to solar manufacturer Solyndra, which filed for bankruptcy in August. Beacon Power also received $29 million in grants from the U.S. Department of Energy and the state of Pennsylvania for a planned $53 million, 20 MW energy storage project.

Beacon Power developed storage systems called flywheels and received the loan guarantee for a 20 MW energy storage plant in New York that is currently operating. CEO F. William Capp reportedly said in a court statement that the projects are “labor intensive” and the company was struggling to attract additional investments needed. Beacon Power was also delisted from the NASDAQ in October.

Read more financial news

Sponsored by FLSmidth
Recommend this article Recommend this article () You recommended this article You recommended this article ()
Follow Power Engineering on Twitter

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Buyers Guide Company Listings

Brand Energy and Infrastructure Services

Brand Energy and Infrastructure services is a leading diversified provider of specialty multicraft services to the North American power generation market. Brand's extensive service portfolio includes scaffolding, specialty coatings, abrasive blasting, insulation, refractory, corrosion protection, and other related crafts.

GE Jenbacher GmbH & Co OG

Manufactures gas engines for power generation. Power range is 0.25 to 9.5 MW. Engines run on natural gas, biogas, and special gases.

MIRATECH

Controls emissions from natural gas and diesel engines used in natural gas production, oil and gas drilling, and power generation. Our products include catalysts, silencers, controls, fabricated metal, and service.

Hatz Diesel of America Inc

Supplier of industrial air-cooled diesel engines ranging from 2 to 75 HP. All engines are Tier IV emission compliant.

Power Industry Wire News

Rockies, West Coast Natural Gas Demand Shows Little Growth, Imperils Rockies Express Reversal, an Industrial Info News Alert

Rockies, West Coast Natural Gas Demand Shows Little Growth, Imperils Rockies Express Re...

Ohio's Coal-Fired Power Plants Shutting Down, but More Capacity in the Pipeline, an Industrial Info News Alert

Ohio's Coal-Fired Power Plants Shutting Down, but More Capacity in the Pipeline, an Ind...

The Surfrider Foundation Celebrates California's Plastic Bag Ban

The Surfrider Foundation Celebrates California's Plastic Bag Ban

Vectren Corp. Closes Sale of Its Wholly Owned Coal Mining Subsidiary, Vectren Fuels

Vectren Corp. Closes Sale of Its Wholly Owned Coal Mining Subsidiary, Vectren Fuels

Hawaii Energy Offers State's First-Ever Energy Efficiency Auction

Hawaii Energy Offers State's First-Ever Energy Efficiency Auction

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>