Beacon Power Signs 20 MW Interconnection Agreement for Stephentown Flywheel Plant
September 14 2010 - 7:00AM
Beacon Power Corporation (Nasdaq:BCON), a leading provider of
advanced energy storage systems and services to support a more
stable, reliable and efficient electricity grid, has executed an
interconnection agreement with the New York Independent System
Operator (NYISO) and NYSEG, a local utility, enabling the Company
to connect its frequency regulation plant in Stephentown to the
grid as scheduled and begin earning revenue in the fourth quarter
of this year.
"This interconnection agreement is an essential step for our
flywheel plant to come online and provide regulation service, and
it's great to have it in place," said Bill Capp, Beacon president
and CEO. "With this done we look forward to connecting our
first 4 MW of capacity and start earning revenue in Stephentown
this year. By the end of the first quarter of 2011, we expect
to have all 20 MW online and earning revenue."
About Beacon Power Corporation
Beacon Power Corporation designs, develops and is
commercializing advanced products and services to support stable,
reliable and efficient electricity grid operation. Beacon's
Smart Energy Matrix™, now in production, being operated and earning
revenue, is a non-polluting, megawatt-scale, fast-response
flywheel-based solution designed to provide less expensive, more
sustainable and effective frequency regulation services to the
nation's power grid. The Company's business strategy
is both to supply frequency regulation
services from its own plants and to sell systems
directly to utilities or grid operators in parts of North
America and selected international markets. 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 its other
operations in uncertain financial markets; conditions in target
markets, including the fact that it has taken longer than
anticipated for some ISOs to comply with FERC's requirement to
update market rules to include new technology such as the
Company's; 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: Darrow Associates
Chris Witty
646-438-9385
cwitty@darrowir.com
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