Beacon Power Inaugurates 20 MW Flywheel Plant in New York
21 Juli 2011 - 1:00PM
Beacon Power Corporation (Nasdaq:BCON), a leading provider of
fast-responding energy storage products and services to support a
more stable, reliable and efficient electricity grid, recently
hosted a successful inauguration and facility tour at the Company's
newly completed 20-megawatt (MW) flywheel energy storage plant in
Stephentown, New York. More than 75 guests attended the event,
including state and regional officials, industry analysts, media
representatives and area residents.
Beacon's 20 MW Stephentown plant is the largest advanced energy
storage facility currently operating in North America. It utilizes
200 high-speed Beacon flywheels to provide fast-response frequency
regulation services to the New York grid with zero emissions and no
fuel consumption. When compared to other methods, it offers the
cleanest, most cost-effective solution for providing frequency
regulation services thus far commercially deployed.
"The inauguration of our 20 MW flywheel plant is the culmination
of tremendous teamwork, both within our company and among the many
agencies and officials who supported this landmark project," said
Bill Capp, Beacon Power president and CEO. "We look forward to
providing many years of clean, fast-responding regulation services
on the New York grid – and to the expected revenue increase when
pay-for-performance market tariffs are implemented."
"New York's competitive marketplace for electricity provides
fertile ground for energy innovations such as Beacon's flywheel
system," said Stephen G. Whitley, president and CEO of the New York
Independent System Operator (NYISO). "Energy storage systems are
critical to our future and it's great to see pioneering technology
bring new solutions to our needs. We look forward to continuing to
work with Beacon Power to serve the needs of New York."
"We've set a goal of meeting 45% of New York's electricity needs
by the year 2015 through a combination of investments in energy
efficiency and renewable energy," said Francis J. Murray Jr.,
president and CEO, New York State Energy Research and Development
Authority (NYSERDA). "We know that's an ambitious target, but
Beacon Power's flywheel plant is exactly the kind of technology
investment we need if we're going to accomplish this important
objective."
Photos and video from the Stephentown plant inauguration are
available on the Beacon Power website and Facebook page.
About Beacon Power
Beacon Power Corporation designs, develops and commercializes
advanced products and services to support stable, reliable and
efficient electricity grid operation. The Company's primary
business strategy is to build merchant plants and sell turnkey
regulation facilities to meet both domestic and international grid
requirements using its patented flywheel energy storage technology.
Beacon's Smart Energy Matrix, which is now in production, operating
and earning revenue, 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 www.beaconpower.com.
Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995: The Material contained in
this press release may include statements that are not historical
facts and are considered "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect Beacon Power Corporation's
current views about future events, financial performances, and
project development. These "forward-looking" statements are
identified by the use of terms and phrases such as "will,"
"believe," "expect," "plan," "anticipate," and similar expressions
identifying forward-looking statements. Investors should not rely
on forward-looking statements because they are subject to a variety
of risks, uncertainties, and other factors that could cause actual
results to differ materially from Beacon's expectation. These
factors include: a short operating history; a history of losses and
anticipated continued losses from operations; the complexity and
other challenges of arranging project financing and resources for
one or more frequency regulation power plants, including
uncertainty about whether we will be able to comply with the
conditions or ongoing covenants of the Federal Financing Bank loan
for our Stephentown, New York, facility; our need to comply with
any disbursement or other conditions under the DOE Smart Grid grant
program; a need to raise additional equity to fund Beacon's
projects and our other operations in uncertain financial markets;
conditions in target markets, such as that some ISOs are taking
longer than others to comply with FERC's requirement to update
market rules to include new technology such as ours, and also such
as that frequency regulation pricing is lower in the short-term
than at many times in the past; our ability to obtain site
interconnection approvals, landlord approvals, or other zoning and
construction approvals in a timely manner; limited experience
manufacturing commercial products or supplying frequency regulation
services on a commercial basis; limited commercial contracts for
revenues to date; the dependence of revenues on the achievement of
product optimization, manufacturing and commercialization
milestones; dependence on third-party suppliers; intense
competition from companies with greater financial resources,
especially from companies that are already in the frequency
regulation market; possible government regulation that would impede
the ability to market products or services or affect market size;
possible product liability claims and the negative publicity which
could result; any failure to protect intellectual property;
retaining key executives and the possible need in the future to
hire and retain key executives; the historical volatility of our
stock price, as well as the volatility of the stock price of other
companies in the energy sector, especially in view of current
conditions in the financial markets generally. These factors are
elaborated upon and other factors may be disclosed from time to
time in Beacon Power filings with the Securities and Exchange
Commission. Beacon Power expressly does not undertake any duty to
update forward-looking statements.
CONTACT: Chris Witty
Darrow Associates
646.438.9385
cwitty@darrowir.com
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