Beacon Power Corp (Nasdaq: BCON) announced that the New York State Public Service Commission (PSC) has approved financing for its proposed 20 MW flywheel frequency regulation plant in Stephentown, New York.
Last month the PSC affirmed that Beacon’s Stephentown plant had met all relevant PSC environmental requirements. With the PSC’s last two decisions in place, the company is authorized to apply for applicable permits, submit any final plans and drawings to PSC for review, and prepare to construct and operate the plant.
The facility’s flywheels are designed to store excess energy when the generated power supply exceeds demand and conversely deliver it back to the grid when demand exceeds supply. This project will help fully utilize electricity generated from renewable power sources, which is often generated at times when demand is low.
Beacon’s primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon’s Smart Energy Matrix, which is now in production, is a non-polluting, megawatt-level, utility-grade flywheel-based solution to provide sustainable frequency regulation services.
In July, Beacon Power received a conditional loan guarantee from the US Department of Energy for $43 million.
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