Beacon Power files seeks $115 mln in IPO
WASHINGTON, Aug 9 (Reuters) - Beacon Power Corp., maker of a line of energy storage systems, on Wednesday filed with regulators to seek as much as $115 million in an initial public offering.
It did not say in a preliminary prospectus filed with the Securities and Exchange Commission how many shares it expects to offer or the expected initial price per share. Those details are expected in future filings.
Its storage systems, based on ``flywheel'' technology, provides what the company said was highly reliable, high-quality, uninterruptable electric power for communications networks, computers, the Internet and manufacturing facilities, among others.
The flywheel system converts electrical energy from a primary source such as a grid or a fuel cell to usable electricity, the company said.
Advantages of using this system over conventional back-up power systems that use lead-acid batteries are higher reliability, longer life, lower costs, improved recharging capability, lower maintenance, and environmentally friendly, it added.
The company generated revenues of $269,000 in the year ended Dec. 31, 1999 compared with no revenues in 1998, according to the prospectus. It posted a net loss of $5.6 million in 1999 and $4.8 million in 1998.
Beacon Power is a spin-off company of power and energy management company SatCon Technology Corp. (NasdaqNM:SATC - news), which currently holds a 33 percent stake in Beacon Power.
The Woburn, Mass. company plans to use the net proceeds from the IPO for research and development, sales and marketing, working csat.capital, capital spending, and potential acquisitions.
It has applied to for a ``BCON'' (Nasdaq:BCON - news) symbol on Nasdaq and has hired Salomon Smith Barney, Banc of America Securities LLC and CIBC World Markets.
The $115 million figure cited in the filing was done merely to calculate the SEC registration fee, the company said. |
