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

Related Articles

The Newest Member of the Power Restoration Team: Drones

"Stay home, if you can" was the message given to residents of the Southeast as a major winter storm pushed through the Southern and Eastern United States in mid-February.

NRC begins special inspection at Duke Energy nuclear power plant

Special inspections began at Duke Energy’s (NYSE: DUK) Catawba nuclear power plant in North Carolina after abnormal findings in Unit 1 emergency diesel generators.

Follow Power Engineering on Twitter
Latest News

GAO looks at reliability impacts of changing power generation mix

The Government Accountability Office (GAO) on June 29 released a study provided a month befor...

On the day after MATS decision, Bernstein sees only a limited reprieve for coal units

In light of the U.S. Supreme Court ruling against the EPA's Mercury and Air Toxics Standards ...

Pence says Indiana will not comply with coal plant regulations

Indiana will not comply with President Barack Obama's plan to battle climate change by requir...

Westermost Rough offshore wind park enters operations

The 210-MW offshore wind power plant, Westermost Rough, has entered operations. The project w...

Duke Energy to upgrade energy storage system at Notrees Windpower Project

Duke Energy (NYSE: DUK), Samsung SDI and Younicos will work together to update Duke Energy's ...

Wisconsin Energy acquires Integrys, forms WEC Energy Group

Wisconsin Energy Corp. successfully acquired Integrys Energy - forming the WEC Energy Group (...

Regulator rejects Iberdrola plan to buy Connecticut utility

Connecticut regulators have taken a step toward rejecting a plan by Iberdrola, Spain's leadin...

Largest Southern Co. subsidiary enters rooftop solar market

The largest Southern Co. subsidiary will start selling and installing solar panels on homes W...

Power Engineering Current Issue

02/01/2015
Volume 119, Issue 2
1502PE-cover
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.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Boomerang Oil -- Shareholder Update for the Fiscal Year 2014 and the First Half of 2015

Boomerang Oil -- Shareholder Update for the Fiscal Year 2014 and the First Half of 2015

ZaZa Energy Reports Mid-Year 2015 Reserves and Operational Update

ZaZa Energy Reports Mid-Year 2015 Reserves and Operational Update

Range Announces Redemption Notice of 6.75% Senior Subordinated Notes Due 2020

Range Announces Redemption Notice of 6.75% Senior Subordinated Notes Due 2020

Black Gold Resources Acquires Stake in the 10 Well Income Joint Venture in Caldwell County, TX

Black Gold Resources Acquires Stake in the 10 Well Income Joint Venture in Caldwell Cou...

GlobalView Now Offers Exclusive Real-Time Delivery of Fast Weather Benchmark Data

GlobalView Now Offers Exclusive Real-Time Delivery of Fast Weather Benchmark Data

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 >>