Beacon Power
Despite a political firestorm resulting in a dark cloud being cast over the federal government's backing of renewable energy projects in the aftermath of the fall of now bankrupt Solyndra, Inc. and Beacon Power, once high-flying cleantech companies that received federal loan guarantees, Washington is still moving ahead with plans to develop renewables—particularly, offshore wind power.
On October 30, 2011, Beacon Power Corp. (NCM: BCON) filed a voluntary petition in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code.
Beacon Power Corporation (Nasdaq: BCON) (market cap $43 million) said today it will receive a $22.8 million grant from the U.S. Department of Energy (DOE) for construction of the company’s next 20-megawatt (MW) flywheel energy storage plant. The company also announced it has filed a Form S-3 shelf prospectus with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million in equity and/or debt financing.
EnergyBoom’s five clean sector stock market indices declined last week, with the overall EnergyBoom Clean 100 Index subindex falling 0.76 percent, compared with the S&P 500 Index (-0.82 percent), the Dow Jones Industrial Average (-0.90 percent), and the NASDAQ Composite Index (+0.65 percent).
Federal loan money for the renewable sector is starting to flow with the announcement of another $59 million in loans for two companies involved in grid energy storage, and wind generation.
