Beacon Power moves ahead on second plant

HAZLE TOWNSHIP, PENNSYLVANIA - Beacon Power Corp. said it's gotten the go-ahead to use the majority of a federal grant for the construction of its second commercial plant, to be located in Pennsylvania.

The Tyngsborough, Mass.-based company, a maker of "flywheel" energy storage technology, said it received approval from the U.S. Department of Energy to use up to 95 percent of the $24 million Smart Grid grant it was awarded for the plant in late 2009. The 20-megawatt plant is slated for Hazle Township, Penn., and so far Beacon had only been able to draw up to 4 percent of the money.

The plant will cost a total of $50 million, and the grant funds will help pay for material, equipment and construction expenses, Beacon said. The company didn't specify when the construction could begin or reach completion.

The companyÂ’s first commercial plant is located in Stephentown, N.Y., which connected its first megawatts to the grid in January. Beacon said in March that 14 of the 20 megawatts were connected, with the full plant expected to be online during the second quarter.

The flywheel systems provide frequency regulation service, which helps to stabilize the electric grid by balancing power supply levels during moment-to-moment variations in demand.

Beacon also noted that it has filed a shelf registration statement with the U.S. Securities and Exchange Commission. If declared effective, the statement will permit the company to sell up to $100 million of common stock, preferred stock, debt securities and other securities.

Related News

German Chancellor Olaf Scholz

Germany extends nuclear power amid energy crisis

BERLIN - German Chancellor Olaf Scholz has ordered the country's three remaining nuclear power stations to keep operating until mid-April, as the energy crisis sparked by Russia's invasion of Ukraine hurts the economy.

Originally Germany planned to phase out all three by the end of this year.

Mr Scholz's order overruled the Greens in his coalition, who wanted two plants kept on standby, to be used if needed.

Nuclear power provides 6% of Germany's electricity.

The decision to phase it out was taken by former chancellor Angela Merkel after Japan's Fukushima nuclear disaster in 2011.

But gas prices have soared since Russia's invasion of Ukraine…

READ MORE

For Hydro-Québec, selling to the United States means reinventing itself

READ MORE

hospital ICU

Beating Covid Is All About Electricity

READ MORE

finland-investigates-russian-ship-after-electricity-cable-damage

Finland Investigates Russian Ship After Electricity Cable Damage

READ MORE

china power shortage

China power cuts: What is causing the country's blackouts?

READ MORE