Beacon Power Awarded $5M State Grant for Flywheel Plant in Pennsylvania
August 10, 2011 8:38 AM
Beacon Power (NASDAQ: BCON) announced that it has been awarded a $5-million state grant toward construction of a 20-megawatt flywheel energy storage plant in Hazle Township, Pennsylvania. The Company received formal notice of the Redevelopment Assistance Capital Program grant award from the office of Governor Tom Corbett.
"This is remarkable new technology that will help lower the cost of electricity in the long run," said U.S. Representative Lou Barletta. "Storing energy and putting it back into the grid when it's needed could be a game-changer as we try to reduce the cost of energy. Additionally, projects like this will bring significant economic, environmental, and efficiency benefits to Pennsylvania's power grid. It will also create new jobs and boost the local economy."
