Beacon Power Receives $2.25M From U.S. Department of Energy
July 13, 2010 6:42 AM
Beacon Power Corporation (Nasdaq: BCON) has been selected by the U.S. Department of Energy to negotiate a $2.25 million award in support of developing a next-generation flywheel energy storage system. The goal would be to store four times the energy at one-eighth the cost, versus Beacon's current Smart Energy 25 (Gen 4) flywheel system.
The Advanced Research Projects Agency, an agency within DOE that provides R&D funding for transformational new energy technologies and systems, made the award based on Beacon's proposal to develop a highly advanced "flying ring" flywheel system.
The development program would take place over a three-year period beginning later this year, and is valued at a total of $2.8 million, pending contractual agreement.
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