Beacon Power energy storage project Phase 2

The U.S. Department of Energy approved Beacon Power Corp. to proceed with the second of three phases of funding for construction of the company’s $50 million, 20 MW flywheel energy storage plant, to be located in Hazle Township, Pa.

The funding is part of the DOE’s Smart Grid Stimulus Grant program. In Phase II, Beacon will be allowed to draw up to 95 percent of the $24 million grant it was awarded in late 2009. The Phase II funds will be used to pay for project expenses including material and component procurement, equipment manufacturing and installation, and physical plant construction. The final Phase II step by DOE is expected to be complete within six weeks.

The company also announced that it has filed a universal registration statement on Form S-3 with the Securities and Exchange Commission (SEC). If and when the shelf registration statement is declared effective, it will allow the company from time to time to offer and sell up to $100 million of common stock, preferred stock, debt securities, depositary shares, warrants to purchase any such securities, units comprised of any such securities, or any combination thereof in one or more future public offerings. The registration statement is intended to provide Beacon with the flexibility to raise capital in the future for use in building merchant plants, manufacturing additional flywheel energy storage systems for sale, and funding ongoing operations.

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