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.
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