Beacon Power bankrupt; had U.S. backing like Solyndra

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cwerdna

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http://www.reuters.com/article/2011/10/31/us-beaconpower-bankruptcy-idUSTRE79T39320111031" onclick="window.open(this.href);return false;
(Reuters) - Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.

The bankruptcy comes about two months after Solyndra -- a solar panel maker with a $535 million loan guarantee -- also filed for Chapter 11, creating a political embarrassment for the administration of President Barack Obama, which has championed the loans as a way to create "green energy" jobs.

Beacon Power drew down $39 million of its government-guaranteed loan to fund a portion of a $69 million, 20-megawatt flywheel energy storage plant in Stephentown, New York...
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Hopefully the grid stabilization market for our used Leaf batteries does not go up in flames.. Beacon power promised lots of CO2 emission savings but the US electric consumers were not willing to put up. Utility regulatory agencies are very slow to approve rate increases, they are ignoring AGW to appease the voters.
 
Beacon Power filed for chapter 11, which is re-organization, not liquidation. This facility is local to me, and the local paper's business section indicated that they don't plan to close. Unlike the solar plant, their business model is not fundamentally flawed, there is still demand for their product. Plus a rate increase has already been approved.

Oh and by the way, their energy storage method is flywheels, not used batteries.
 

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