Beacon Power Corp. said it will sell its 20 MW energy storage facility in Stephentown, N.Y. by Jan. 30, 2012. The sale is part of an agreement signed with the U.S. Department of Energy.
The company valued its plant on its balance sheet at $41.9 million in June, but recent developments in the state’s market for frequency regulation caused the company to write down the asset to $12.6 million, according to the Boston Business Journal.
Beacon Power did say in a release that it is “confident” that Order No. 755 from the Federal Energy Regulatory Commission (FERC) on pay-for-performance for energy storage will help boost the revenue enhancing impact and increase the value of the flywheel facility when the order takes effect in New York in 2012.
Beacon Power filed for Chapter 11 bankruptcy October 30 saying it was unable to attract enough investments in its flywheel storage technology. Beacon Power won a $43 million loan guarantee from DOE in 2009.
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