Beacon Power: Another energy loan gone bad

Another alternative energy company that received a loan guarantee from the U.S. government has filed for bankruptcy. Beacon Power, which makes energy storage devices used to help the power grid become more efficient, filed for bankruptcy protection Sunday, according to a filing with the Securities and Exchange Commission. The company received a $43 million loan guarantee from the Department of Energy last August. "This latest failure is a sharp reminder that DOE has fallen well short of delivering the stimulus jobs that were promised," Florida Republican Rep. Cliff Stearns said in a statement Sunday night. "Now taxpayers find themselves millions of more dollars in the hole." Stearns is leading an investigation into the bankruptcy of Solyndra, a solar panel maker that received a $535 million government loan guarantee last year. The Beacon bankruptcy will likely only make that investigation more urgent.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Rolls Battery - Maintenance-Free AGM & GEL Batteries

Rolls Battery - Maintenance-Free AGM & GEL Batteries

With a full range of capacity options (85AH-3300AH) and voltage configurations to choose from, Rolls Battery maintenance-free 2V, 6V & 12V AGM and broad range of 2V GEL models offer a valve regulated lead acid (VRLA) battery option with the same dependable energy storage and heavy-duty construction customers have grown to expect from the Rolls brand for over sixty years. Installed in off-grid, grid-tied or backup float applications, these sealed batteries require minimal ongoing maintenance and provide a versatile energy storage solution for remote or confined installations. Rolls Battery AGM and GEL battery lines deliver superior cycle life and are backed by an industry-leading warranty.