Beacon Power to Celebrate Completion of World's First 20 MW Flywheel Plant
01 Giugno 2011 - 1:00PM
Beacon Power Corporation (Nasdaq:BCON), a leading provider of
advanced products and services to support a more stable, reliable
and efficient electricity grid, announced that on July 12, 2011,
the Company will host a ceremony to mark the completion and full
operation of its first 20-megawatt flywheel energy storage plant in
Stephentown, New York. The facility, which provides
grid-stabilizing commercial frequency regulation services to the
New York State electricity grid, is currently operating at 18 MW
and is expected to reach its full 20 MW capacity later this month.
Bill Capp, Beacon Power president and CEO, said: "The completion
and energization of our first full-scale commercial flywheel plant
is a true milestone and cause for celebration. Our event will
recognize the individuals and organizations that were instrumental
in supporting this achievement, as well as give guests a chance to
see the operation in person. When compared to other methods, our
Stephentown flywheel plant offers the cleanest and most
cost-effective solution for frequency regulation ever deployed on a
power grid."
Capp continued: "The startup of our first plant has been closely
followed by utilities, grid operators, regulators, wind developers,
and other stakeholders around the world. Its successful completion
and full-scale operation supports our two-part business model:
owning and operating merchant plants that provide regulation
services in open-bid markets – and that become references for the
sale of flywheel plants on a turnkey basis to vertically integrated
utilities. This facility is just the beginning."
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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