$25M Stock Sale for Beacon Power
Beacon Power, a Tyngsboro, MA-based flywheel energy storage company, announced an agreement to sell up to $25 million worth of its common stock to Aspire Capital Fund over a 26-month term, starting July 2. Chicago-based Aspire Capital has already purchased about 1.5 million shares of Beacon Power (NASDAQ: BCON) stock for $500,000. Under the stock sale agreement, the company has the right to direct Aspire on any trading day to purchase up to 400,000 shares of its stock for at least 34 cents per share, provided that the company’s closing share price was more than 25 cents. The proceeds from the deal will go to general corporate purposes and working capital for Beacon Power, which received a $43 million loan from the Department of Energy last July.