Beacon Power to Raise up to $18M

Ryan McBride2/20/09

Beacon Power (NASDAQ:BCON), a Tyngsboro, MA-based provider of services and products for efficient electricity use, says it has struck a deal to raise up to $18 million through the sale of its common stock to investment fund Seaside 88 over the next 18 months. At least some of the funds will support the production of Beacon’s energy-storing flywheel systems, company CEO Bill Capp said in a statement.