Press Release Source: Beacon Power Corporation On Tuesday August 31, 2010, 10:32 am EDT
TYNGSBORO, Mass., Aug. 31, 2010 (GLOBE NEWSWIRE) -- Beacon Power Corporation (Nasdaq:BCON - News), a leading provider of advanced energy storage products and services to support a more stable, reliable and efficient electricity grid, continues to make progress on the construction of its 20 MW flywheel energy storage plant in Stephentown, New York. The project -- the first grid-scale flywheel-based energy storage facility in the world -- remains on schedule to connect and operate 4 MW of frequency regulation capacity and begin earning revenue by year-end. The balance of the 20 MW plant is scheduled to come online by the end of the first quarter of 2011.
"Work on our Stephentown plant is proceeding according to plan," said Bill Capp, Beacon president and CEO. "Following the successful closing of our $43 million Department of Energy loan guarantee earlier this month, we were able to submit our initial request for funds to the DOE, and have already received our first cash disbursement."
Photos and video of construction progress in Stephentown may be seen at www.beaconpower.com.
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