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Flywheel firm Beacon files for bankruptcy
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Editorial
Tue Nov 1 2011, 09:28 AM
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Grid-scale energy storage firm Beacon Power has filed for bankruptcy after failing to secure additional financing. The Massachusetts-based, formerly Nasdaq-listed company develops flywheel systems, which work by storing electricity from the grid as kinetic energy in the form of spinning discs. In 2009, Beacon secured a USD43m loan guarantee from the US Department of Energy (DoE) to develop a 20MW energy storage plant in Stephentown, New York. According to Reuters, the firm has drawn down USD39m of the DoE loan.
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