Beacon Power
{{Infobox company
| name = Beacon Power, LLC
| logo = Beacon Power logo.svg
| caption =
| type = Subsidiary
| traded_as = {{OTC Pink|type=noinfo|BCONQ}}
| fate =
| predecessor = Beacon Power Inc.{{cite web|url=http://beaconpower.com/company/our-history.asp |title=Beacon Power Company History |accessdate=2012-07-06 |url-status=dead |archiveurl=https://web.archive.org/web/20120616021745/http://www.beaconpower.com/company/our-history.asp |archivedate=2012-06-16 }}
| successor =
| foundation = {{Start date and age|1997}}
| founder =
| defunct =
| location_city = Tyngsboro, Massachusetts
| location_country = U.S.
| locations =
| area_served = New York, United States
| key_people =
| industry = Flywheel energy storage, utility frequency
| products =
| services =
| revenue = US$900 thousand (2010){{cite web |url=https://www.bloomberg.com/quote/BCONQ:US/income-statement |title=Bloomberg- Income Statement for Beacon Power Inc. |website=Bloomberg News |accessdate=2012-07-06}}
| operating_income = US$-21,340 thousand (2010)
| net_income = US$-22,680 thousand (2010)
| assets = US$11,940 thousand (2010){{cite web |url=https://www.bloomberg.com/quote/BCONQ:US/balance-sheet |title=Bloomberg- Balance Sheet for Beacon Power Inc. |website=Bloomberg News |accessdate=2012-07-06}}
| equity = US$28,630 thousand (2010)
| owner =
| num_employees =
| parent = RGA Investments, LLC
| divisions =
| subsid =
| homepage = {{URL|beaconpower.com}}
}}
Beacon Power, LLC is an American limited liability company and wholly owned subsidiary of RGA Investments LLC. Founded in 1997 and headquartered in Tyngsboro, Massachusetts, it specializes in flywheel-based energy storage. Beacon designs and develops products aimed at utility frequency regulation for power grid operations.
The storage systems are designed to help utilities match supply with varying demand by storing excess power in arrays of {{convert|2800|lb|kg|adj=on}} flywheels at off-peak times for use during peak demand.Peter Howe (June 13, 2008). "[http://www.necn.com/Boston/Business/Beacon-Power-puts-new-spin-on-clean-energy/1213409435.html Beacon Power puts new spin on clean energy] {{webarchive |url=https://web.archive.org/web/20080907114635/http://www.necn.com/Boston/Business/Beacon-Power-puts-new-spin-on-clean-energy/1213409435.html |date=September 7, 2008 }}", New England Cable News. Retrieved November 7, 2022.
History
Beacon Power was founded in Woburn, Massachusetts in 1997 as a subsidiary of SatCon Technology Corporation, a maker of alternative energy management systems. The company went public in 2000."[http://www.masshightech.com/stories/2008/09/29/daily1-SatCon-sells-of-two-units-for-56M.html SatCon sells off two units for $5.6M] {{Webarchive|url=https://web.archive.org/web/20110523232650/http://www.masshightech.com/stories/2008/09/29/daily1-SatCon-sells-of-two-units-for-56M.html |date=2011-05-23 }}", Mass High Tech (September 29, 2008).{{cite press release |title=Beacon Power's Affiliate, SatCon Technology Corporation, to Distribute Five Million Beacon Power Shares |publisher=SatCon Technology Corporation |date=September 13, 2001 |url=http://findarticles.com/p/articles/mi_m0EIN/is_/ai_78228462}}Steven Syre (August 14, 2003). "[http://www.boston.com/business/globe/articles/2003/08/14/brownout_at_energy_firms/ Brownout at energy firms]", The Boston Globe. In June 2008, Beacon Power opened new headquarters in Tyngsboro, with financing from Massachusetts state agencies.
In 2009 Beacon received a loan guarantee from the United States Department of Energy (DOE) for $43 million to build a 20-megawatt flywheel power plant in Stephentown, New York.{{Citation|title=Fact Sheet: The Department of Energy's Loan Programs |date=March 5, 2010 |url=https://www.energy.gov/8719.htm |url-status=dead |archiveurl=https://web.archive.org/web/20100527034110/http://www.energy.gov/8719.htm |archivedate=2010-05-27 }}{{Citation|title=Beacon Power, Nordic Windpower Get $59M DOE Loan Guarantees |date=July 2, 2009 |url=http://www.greentechmedia.com/articles/read/beacon-power-nordic-windpower-get-59m-doe-loan-guarantees/}} The DOE loan for $43 million was awarded in 2010, with the plant to be online by 2011. It also was awarded $24 million from the DOE for a second flywheel plant.Ricketts, Camille. [https://www.nytimes.com/external/venturebeat/2010/08/10/10venturebeat-doe-charges-up-flywheels-finalizes-43m-loan-54486.html DOE Charges Up Flywheels, Finalizes $43M Loan to Beacon Power], VentureBeat, The New York Times, August 10, 2010.
On 30 October 2011, the company filed for Chapter 11 bankruptcy protection under in the United States bankruptcy court in Delaware.{{Citation|title=Beacon Power, Backed by U.S. Loan Guarantees, Files Bankruptcy |date=October 31, 2011 |url=http://www.businessweek.com/news/2011-10-31/beacon-power-backed-by-u-s-loan-guarantees-files-bankruptcy.html |url-status=dead |archiveurl=https://web.archive.org/web/20111102151205/http://www.businessweek.com/news/2011-10-31/beacon-power-backed-by-u-s-loan-guarantees-files-bankruptcy.html |archivedate=November 2, 2011 }}{{cite news| url=https://www.bloomberg.com/news/2011-12-27/beacon-power-wins-bankruptcy-judge-s-approval-of-sale-bidding-procedures.html | work=Bloomberg | first=Phil | last=Milford | title=Beacon Power Wins Judge's Approval for Auction Procedures | date=December 27, 2011}} As part of the bankruptcy court proceedings, Beacon Power agreed on November 18 to sell its Stephentown facility to repay the DOE loan.
As of 6 February 2012, Rockland Capital, a private equity firm, bought the plant and most of the company's other assets for $30.5 million.{{cite news | url=https://www.reuters.com/article/beacon-idUSL2E8D6G5620120206 | work=Reuters | title=UPDATE 1-Beacon Power finds buyer, Energy Dept sees return | date=February 6, 2012 | access-date=June 30, 2017 | archive-date=March 27, 2015 | archive-url=https://web.archive.org/web/20150327064734/http://www.reuters.com/article/2012/02/06/beacon-idUSL2E8D6G5620120206 | url-status=live }} Rockland Capital stated it intended to rehire most of staff and to provide the capital to build a second 20MW plant in Pennsylvania.{{cite web|url=http://beaconpower.com/files/Beacon_Rockland_release_20120206.pdf |title=Archived copy |accessdate=2012-03-02 |url-status=dead |archiveurl=https://web.archive.org/web/20120229130628/http://beaconpower.com/files/Beacon_Rockland_release_20120206.pdf |archivedate=2012-02-29 }}
On May 1, 2018, the investment arm of RGA Labs acquired the company.[http://www.rgalabs.com/BeaconPressRelease2018May01.pdf RGA Investments, LLC Acquires Beacon Power, LLC] The physical assets, the 20 MW NY Facility named Stephentown Spindle and the 20 MW facility{{cite news |date= |title=20 MW Flywheel Energy Storage Plant Hazle Spindle -Hazle Township |website=academia.edu |url=https://www.academia.edu/40826249|access-date=15 June 2024}} in Hazle Township PA were sold to Convergent Energy and Power in 2018.[https://www.convergentep.com/ Convergent Energy and Power] https://www.convergentep.com/{{Cite web|url=https://www.energy-storage.news/convergent-buys-up-40mw-of-flywheels-in-new-york-and-pennsylvania/|title = Convergent buys up 40MW of flywheels in New York and Pennsylvania|date = 8 May 2018}}
See also
{{Portal|Companies|Energy}}
Notes and references
{{Reflist|30em}}
Further reading
- Corum, Lyn. [https://web.archive.org/web/20130531074306/http://www.distributedenergy.com/DE/Articles/9027.aspx The New Core Technology: Energy storage is part of the smart grid evolution], The Journal of Energy Efficiency and Reliability, December 31, 2009. Discusses: Anaheim Public Utilities Department, lithium ion energy storage, iCel Systems, Beacon Power, Electric Power Research Institute (EPRI), ICEL, Self Generation Incentive Program, ICE Energy, vanadium redox flow, lithium Ion, regenerative fuel cell, ZBB, VRB, lead acid, CAES, and Thermal Energy Storage.
- Ricketts, Camille. [https://www.nytimes.com/external/venturebeat/2010/08/10/10venturebeat-doe-charges-up-flywheels-finalizes-43m-loan-54486.html DOE Charges Up Flywheels, Finalizes $43M Loan to Beacon Power], VentureBeat, The New York Times, August 10, 2010. Discusses Beacon Power and flywheel energy storage.
External links
- {{Official website|http://beaconpower.com/}}
- [https://web.archive.org/web/20130429185927/http://www.beaconpower.com/products/presentations-reports.asp Reports and White Papers on flywheel-based energy storage systems], Beacon Power
- [http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20080625/COLUMNISTS03/483955312 June 2008 newspaper article]
Category:Energy companies of the United States
Category:Manufacturing companies based in Massachusetts
Category:Companies based in Middlesex County, Massachusetts
Category:Energy companies established in 1997
Category:Companies formerly listed on the Nasdaq
Category:Companies that filed for Chapter 11 bankruptcy in 2011