Beacon Power Corporation (BCON)

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Beacon Power Corporation designs, develops, and commercializes advanced products and services to support stable and reliable electricity grid operation in North America. The company primarily focuses on commercializing its patented flywheel energy storage technology for storing and transmitting kinetic energy. It provides Smart Energy Matrix, a non-polluting, megawatt-level, and utility-grade flywheel-based energy storage system that provides sustainable frequency regulation services. The company’s energy storage and power conversion solutions provide electric power for the utility, renewable energy, and distributed generation markets. Beacon Power Corporation was founded in 1997 and is headquartered in Tyngsboro, Massachusetts

Beacon Power Corporation
65 Middlesex Road
Tyngsboro, MA 01879
United States - Map
Phone: 978-694-9121
Fax: 978-694-9127
Web Site: Home : Beacon Power Corporation

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Other Events, Financial Statements and Exhibits



Item 8.01 Other Events.
As previously disclosed, Beacon Power Corporation (the "Company") has entered into a Common Stock Purchase Agreement dated as of February 19, 2009 between the Company and Seaside 88, LP and a first amendment to such agreement dated as of June 19, 2009 (as so amended, the "Agreement"). Under the Agreement, the Company is required to issue and Seaside to buy 1,500,000 shares of the Company's common stock twice each month at closings on the 5th day and 20th day of each month during the term of the Agreement (or if that day is not a business day, then on the next business day) at a purchase price equal to 86% of the volume weighted average trading price of the Company's common stock over the ten trading day period immediately preceding each closing, but in no event below $0.20 per share, and in each case subject to the terms and conditions of the Agreement.

Pursuant to the Agreement, the Company will issue, and Seaside will purchase, 1,500,000 shares of common stock on October 5, 2009 at a price per share of $0.61705, for gross proceeds of $925,575. The price per share is equal to the daily volume weighted average trading price for the ten consecutive trading days immediately preceding the closing date, multiplied by 86%. In addition, the Company will paySeaside $9,000 in non-accountable expenses. This represents the twelfth closing under the Agreement.

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Beacon Power Selected to Present at 2009 NREL Industry Growth Forum in November

TYNGSBORO, Mass.--(BUSINESS WIRE)--Beacon Power Corporation (Nasdaq: BCON - News), a company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, will be presenting at the National Renewable Energy Laboratory (NREL) Industry Growth Forum in Denver, Colorado, November 3-5, 2009. After a competitive review of 285 applications, Beacon was one of only 34 companies selected to present at this year’s event.

NREL’s Industry Growth Forum is one of the nation’s premier clean energy investment forums. This is not only because of the caliber of investors and entrepreneurial companies it attracts, but also due to its unique format and window on the energy future. Since the 16th Forum took place in 2003, companies that have presented have subsequently raised nearly $2.5 billion in growth financing.

NREL expects more than 550 attendees at this year’s 3-day event, including company executives, venture capitalists, investment bankers, energy professionals, and government officials. The 2009 Forum will feature 34 clean energy companies presenting business plans and growth strategies covering technologies such as fuel cells, hydrogen, power quality, wind, energy efficiency, photovoltaics, biofuels, and energy storage.

About NREL and the Industry Growth Forum

NREL is the U.S. Department of Energy’s primary national laboratory for renewable energy and energy efficiency research and development. NREL is operated for DOE by the Alliance for Sustainable Energy, LLC. NREL pioneered its Industry Growth Forum in 1995, hosting several small events with 35-40 total participants at each Forum. This year’s Forum is expected to draw more than 500 participants to what is now the premier clean energy investment forum. Its rich “educational content” distinguishes NREL’s Growth Forums and leaves all participants, including entrepreneurs, venture capitalists and corporate investors, with a deeper understanding of the evolving energy market and what a business must do to thrive.

About Beacon Power

Beacon Power Corporation designs, develops and is taking steps to commercialize advanced products and services to support stable, reliable and efficient electricity grid operation. The Company’s primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon’s Smart Energy Matrix, which is now in production, is a non-polluting, megawatt-level, utility-grade flywheel-based solution to provide sustainable frequency regulation services. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit Home : Beacon Power Corporation.
Beacon Power Selected to Present at 2009 NREL Industry Growth Forum in November - Yahoo! Finance

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•Beacon Power denied 2nd loan

Beacon Power Corp. has been turned down for a loan guarantee to build a second energy storage plant in New York state, the company said.

The Tyngsboro, Mass.-based producer of “flywheel” power storage technology said it recently applied for the loan guarantee from the U.S. Department of Energy to build a plant in Glenville, N.Y.

In August, the company received a $43 million loan guarantee from the DOE to help finance the company’s first plant, a 20-megawatt facility in Stephentown, N.Y. Beacon has said the plant will be the first of its kind in the world and will help stabilize and enhance the performance of the New York power grid.

Beacon Power (NASDAQ: BCON) said the second loan guarantee application didn’t get approval to proceed to the next review stage. The company didn’t disclose a dollar value for the loan.

The rejection could lead the company to change the location of the plant from New York to the PJM grid region, where the company is already developing one energy storage plant, said Bill Capp, Beacon president and CEO, in the announcement.

“This decision will become obvious if either market incorporates a ‘pay for performance’ tariff in the coming year,” Capp said.

Last month, Beacon Power said it would appeal a decision by the Nasdaq Stock Market to de-list the company’s stock, which has been trading below the required $1 threshold for nearly two years. The stock closed at 30 cents on Friday.

Beacon Power Corp. has been turned down for a loan guarantee to build a second energy storage plant in New York state, the company said.

The Tyngsboro, Mass.-based producer of “flywheel” power storage technology said it recently applied for the loan guarantee from the U.S. Department of Energy to build a plant in Glenville, N.Y.

In August, the company received a $43 million loan guarantee from the DOE to help finance the company’s first plant, a 20-megawatt facility in Stephentown, N.Y. Beacon has said the plant will be the first of its kind in the world and will help stabilize and enhance the performance of the New York power grid.

Beacon Power (NASDAQ: BCON) said the second loan guarantee application didn’t get approval to proceed to the next review stage. The company didn’t disclose a dollar value for the loan.

The rejection could lead the company to change the location of the plant from New York to the PJM grid region, where the company is already developing one energy storage plant, said Bill Capp, Beacon president and CEO, in the announcement.

“This decision will become obvious if either market incorporates a ‘pay for performance’ tariff in the coming year,” Capp said.

Last month, Beacon Power said it would appeal a decision by the Nasdaq Stock Market to de-list the company’s stock, which has been trading below the required $1 threshold for nearly two years. The stock closed at 30 cents on Friday.


Read more: Beacon Power denied 2nd loan | Boston Business Journal

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