Key Developments For Beacon Power Corp
Beacon Power Corp (BCON.O) (Consolidated Issue listed on NASDAQ Capital Market)
Beacon Power Corporation To Begin Construction Of Nation`s First Flywheel Frequency Regulation Plant
Beacon Power Corporation announced that it will begin construction on the nation`s first full-scale 20-megawatt (MW) flywheel frequency regulation plant during the week of November 23, at its site in Stephentown, New York. All state and local construction-related permits and approvals for the plant have now been received. Beacon will start initial site work while continuing to progress toward closing a $43-million loan with the Federal Finance Bank, with the support of the U.S. Department of Energy and a loan guarantee commitment that Beacon received earlier this year. The loan is intended to support construction of the plant.
Beacon Power Corporation Files Universal Shelf Registration Statement
Beacon Power Corporation announced that it has filed a universal shelf registration statement on September 1, 2009, on Form S-3 with the Securities and Exchange Commission (SEC). The shelf registration statement must first be declared effective by the SEC. Upon being declared effective, the shelf registration would permit the Company to offer and sell from time to time up to $60 million of common stock, preferred stock, warrants, units or other types of equity securities described in the registration statement in one or more future public offerings.
Virgil Rose Appointed Chairman Of Beacon Power Corporation
Beacon Power Corporation announced that its Board of Directors appointed Virgil Rose to the newly created position of non-executive Chairman of the Board at its meeting on August 4, 2009.
U.S. Department Of Energy Offers $43 Million Loan Guarantee To Beacon Power Corporation For Flywheel Energy Storage Project
Beacon Power Corporation announced that it has received a conditional commitment from the U.S. Department of Energy (DOE) for a loan guarantee of approximately $43 million. The DOE's offer outlines terms for a loan that would finance more than 60% of Beacon's planned 20-megawatt (MW) flywheel-based energy storage plant to be located in Stephentown, New York. The loan, which would be funded by the U.S. Treasury's Federal Financing Bank, is expected to provide debt financing for 62.5%, or $43 million, of the estimated $69 million total project cost.
Beacon Power Corporation Agrees To Accelerate Funding Of Up To $14 Million From Seaside 88, LP
Beacon Power Corporation announced that it has amended its existing common stock purchase agreement with Seaside 88, LP (Seaside), to provide for accelerated funding to Beacon of remaining amounts under its agreement with Seaside, which may be up to $14 million. The agreement calls for Seaside to buy 3 million shares of Beacon common stock per month, in equal semi-monthly transactions of 1.5 million shares, on the 5th and 20th of the month (or the next business day). The original agreement, which was initiated in February 2009 and has provided Beacon with a total of $4 million in funding thus far, required Seaside to buy $1 million of Beacon common stock each month for up to 18 months. Under the amended agreement, Beacon will sell a fixed number of shares each month, instead of a fixed dollar amount of shares, subject to a maximum investment of $18 million (which includes the $4 million already received from Seaside). At each closing the price for each of the 1.5 million shares of Beacon common stock to be purchased by Seaside will be determined by applying a 14% discount to the ten-day volume weighted average trading price preceding the closing date, with no closing occurring if the calculated purchase price would be less than $0.20 per share. As in the original agreement, there are no warrants associated with the investment under this amendment. All other terms and conditions of the original agreement remain unchanged.
