beacon power: another energy loan gone bad - power storage devices

Follow us: Beacon Power, the storage device maker that helped the grid, took the road to Solyndra and conducted more reviews of the Department of Energy's loan plan. NEW YORK (CNNMoney)--
Another alternative energy company that secured a loan from the United StatesS.
The government has filed for bankruptcy.
According to a document submitted to the Securities and Exchange Commission, Beacon Power filed for bankruptcy protection on Sunday, which made energy storage devices used to help the grid become more efficient.
In last August, the company received a loan guarantee of $43 million from the Department of Energy.
"This latest failure is a sharp reminder that the Department of Energy is far from fulfilling its promise to stimulate jobs," Florida Republican congressman said . ".
Cliff Stearns said in a statement on Sunday night.
"Now, taxpayers find themselves in the midst of millions of dollars.
"Stearns is leading an investigation into the bankruptcy of solar panel maker Solyndra, which received $0. 535 billion in government loan guarantees last year.
The lighthouse bankruptcy could fuel the investigation.
But Doe carefully distinguishes Beacon Power from Solyndra.
Department of Energy spokesman Damien LaVere noted on Monday that, unlike Solyndra, Beacon closed the store on the day it declared bankruptcy and had an operating facility in N. StephentownY.
It can be used to make money on long-term contracts.
In addition, the company has cash reserves and the government is the first person to get a return.
"Protecting taxpayers' money remains the secretary's top priority (Stephen)
"The Chu and the department, that's why we carefully incorporate a lot of protection for taxpayers into the loan guarantee for the Stephentown project," LaVere said in a statement . ".
No phone call back and email from Beacon
Emails seeking comments
The company has manufactured an advanced flywheel for storing power until the grid needs it.
The device works by hanging a large carbon cylinder between two magnets in a vacuumsealed tube.
When the power grid is too large, the equipment will rotate.
Due to magnets and vacuum, they need some power to make them rotate and keep moving with relatively little energy loss.
When additional power is required for the grid, a rotating cylinder is used to generate power.
The utilities use these devices to prevent power outages.
There is no need to build a new power plant and use it only when the electricity consumption is maximum, such as in hot summer, the air conditioner will consume a lot of energy and they can use these equipment to build a factory.
Beacon's factory in New York is one of these.
It can store about one of the 20 megawatts of electricity
The nuclear reactor output on the day of the month.
If you want to adopt more widely the power supply such as wind energy or solar energy that does not work without a breeze or at night, it is also essential to develop a good energy storage system.
But with government regulators forcing Beacon to charge utilities, the financial side of Beacon is under pressure.
As a regulated industry, utilities are only allowed to pay fixed rates set by government regulators for Beacon's services, Doe said.
This ratio is not high enough for the company.
The low price of natural gas is also a factor that can be used to generate additional power and therefore compete with energy storage.
The Energy Department said the Federal Energy Regulatory Commission recently raised fees for companies such as Beacon, but the rate hike has not yet taken effect.
Even if the government did not lose money on the lighthouse bankruptcy, critics of the DOE project are unlikely to be silent.
Stearns and other critics say the Solyndra guarantee is inappropriate.
They say the Obama administration has put private creditors ahead of the government when it pays off its debts, a loan that could have been obtained due to a political connection between one of the company's main supporters and the government.
Critics also argue that the government should not try to fund renewable energy companies as an example.
The government says everything about the loan is reasonable.
It and other supporters say that while bankruptcy is unfortunate, the broader goal of creating jobs and helping American companies compete in the competition to find cleaner energy technologies is worth taking risks.
Nevertheless, the government has begun an independent review of all aspects of the loan plan.
The loan plan was initiated by President George w. Bush.
As part of the stimulus package, the expansion under President Bush and President Obama.
So far, the company has supported loans worth nearly $40 billion in renewable energy, nuclear energy and advanced automotive technology.
The renewable energy component that supports Solyndra and Beacon loans has recently ended.
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