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UPDATE 1-Beacon Power bankrupt; had US backing like Solyndra
October 30, 2011 / 11:21 PM / 6 years ago

UPDATE 1-Beacon Power bankrupt; had US backing like Solyndra

Oct 30 (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 U.S. Department of Energy program.
    The move comes about two months after solar panel maker
Solyndra also filed for bankruptcy, setting off criticism of
the government loan program.
    The department guaranteed $535 million in loans to
Solyndra, and Congress is investigating whether political
influence played a role.
    Beacon Power used the government-guaranteed-loan to build
a 20-megawatt flywheel energy storage plant in Stephentown, New
York.
    The company said in documents filed with Delaware's
bankruptcy court that it had $72 million in assets and $47
million in debts.
    The case is Beacon Power Corp, U.S. Bankruptcy Court,
District of Delaware, No. 11-13450.

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