Jun 14 2008
Beacon Power Corporation, announced today that it has received a commitment for up to $5 million in loans that will help fund expansion of its production facility and create new clean technology jobs. Through a collaborative agreement, MassDevelopment's Emerging Technology Fund and the Massachusetts Technology Collaborative (MTC) have each agreed to provide Beacon with $2.5 million. Final documents are now being prepared and the transaction is expected to close within the next few weeks.
The announcement was made by Governor Deval Patrick at a plant inauguration held today at Beacon’s Tyngsboro, Massachusetts, headquarters. Other speakers included U.S. Congresswoman Niki Tsongas; Ian Bowles, Secretary, Executive Office of Energy and Environmental Affairs; State Senator Steven Panagiotakos; Robert Culver, MassDevelopment President/CEO; Mitchell Adams, Executive Director of the Massachusetts Technology Collaborative; State Representative Colleen Garry; and Beacon Power CEO Bill Capp.
“Beacon Power is another in a series of clean energy technology companies that is making Massachusetts its home, and the world its customer,” said Governor Patrick. “I'm proud of the help our agencies are giving this impressive young company, and proud to have them here in Tyngsborough.”
The event was attended by a number of local, state and federal officials, including representatives from the U.S. Department of Energy Loan Guarantee Program Office, Massachusetts Office of Business Development, and other organizations. Following remarks by the speakers and Beacon Power’s President and CEO Bill Capp, guests were given a tour of the new facility and shown the Company’s new Gen4 flywheel in operation, various production processes, and the first megawatt of energy storage, now under construction.
“The Emerging Technology Fund helps companies like Beacon Power, which have been successful in research and development, transition smoothly to production and manufacturing,” said Robert L. Culver, MassDevelopment president/CEO. “Retaining and growing technology-based companies in Massachusetts is key to maintaining our position as a leader in the innovation economy on both a national and international scale.”
“MTC is proud to partner with Beacon Power as it expands its operations in Massachusetts,” said Mitchell Adams, MTC executive director. “Not only is this company creating new clean energy jobs, it is also advancing vital emission-free technologies that can help the New England electric grid operate more reliably and efficiently.”
The $2.5 million in funding to be provided by MassDevelopment comes from their Emerging Technology Fund, which supports innovation and growth in Massachusetts by providing loans and guarantees for technology-based manufacturing facilities and equipment. The other $2.5 million will come from MTC through the Renewable Energy Trust, which supports development and expansion of the production capacity of renewable energy technology firms in Massachusetts.
“Beacon Power has always been a Massachusetts-based company, and we applaud the state’s commitment to clean technology industry,” said Bill Capp, President and CEO. “Governor Patrick and his team understand the importance of supporting development-stage companies like ours. We’re grateful for this funding and we look forward to continuing to expand our operations, add jobs, and move forward with commercial operations.”