Beacon Power Wins $43M DOE Loan

7/9/09Follow @wroush

Tyngsboro, MA-based flywheel energy storage company Beacon Power (NASDAQ: BCON) announced last week that the U.S. Department of Energy has extended a loan guarantee amounting to $43 million. The loan will provide more than half of the financing for a planned 20-megawatt commercial flywheel energy storage facility to be built in Stephentown, NY. But the loan comes at a high cost: the Business Insider reports this week that Beacon Power spent three years and $1 million on the application process.

Wade Roush is a contributing editor at Xconomy. Follow @wroush

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  • jenny lee

    I own stock in BCON and this is news to me.

    Are you sure this is factual info?

    No mention of it on their website.

    Don’t you find that kind of strange?
    (if it’s true?