Beacon Power and DOE close loan guarantee for flywheel plant

Beacon Power Corporation has closed on a US$ 43 million loan guaranteed by the US Department of Energy (DOE). The transaction closes the financing for Beacon's 20MW flywheel energy storage plant, now under construction in Stephentown, New York. The Stephentown plant is the first of its kind in the world. Its flywheel systems will provide frequency regulation services to help stabilise and enhance the performance of the New York power grid and enable greater use of renewable energy sources like wind and solar. At 20MW, the facility will provide approximately 10% of New York's total frequency regulation capacity on a typical day. Beacon Power is also developing two more 20MW flywheel-based energy storage plants to provide grid frequency regulation.