Beacon Power Corporation (NASDAQ: BCON) has terminated plans to acquire NxtPhase in an all-stock transaction.
Each side agreed to release one another from any legal claims or actions resulting from the process, and Beacon also agreed to pay $150,000 to NxtPhase. “We believe that this decision is in the best interests of our shareholders,” said Bill Capp, Beacon Power president and CEO. “With substantial new financing for Beacon now in place and with final resolution of this proposed acquisition, we can focus our attention on building and deploying our next-generation flywheel systems for grid frequency regulation and other commercial applications.”
Beacon designs sustainable energy storage and power conversion solutions to provide reliable electric power for the utility, renewable energy, and distributed generation markets. Beacon’s Smart Energy Matrix is a design concept for a megawatt-level, utility-grade flywheel-based energy storage solution.
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