Beacon Power Granted Key Patent for Frequency Regulation
August 30 2011 - 7:00AM
Beacon Power Corporation (Nasdaq:BCON), a leading provider of
fast-response energy storage systems and services to support a more
stable, reliable and efficient electricity grid, announced that it
has been granted U.S. Patent No. 8,008,804 for "Frequency
Regulation Using Flywheels." The patent covers the use of flywheel
energy storage systems to provide frequency regulation on an
electrical grid, which is the primary application for Beacon's
current technology.
"Beacon Power invented the idea of using high-energy flywheels
to regulate grid frequency, so it's appropriate that we've now been
awarded a core patent for the idea," said Bill Capp, Beacon
president and CEO. "The patent gives Beacon exclusive rights to
this innovative method of providing an essential grid service, and
further strengthens our intellectual property position."
Beacon owns and operates a 20-megawatt (MW) flywheel-based
energy storage plant in Stephentown, New York, that provides
frequency regulation services to the state's power grid. The
Company is also planning to build a second 20 MW flywheel plant in
Pennsylvania beginning later this year.
About Beacon Power Corporation
Beacon Power Corporation designs, develops and is
commercializing advanced products and services to support stable,
reliable and efficient electricity grid operation. Beacon's Smart
Energy MatrixTM, now in production, being operated and earning
revenue, is a non-polluting, megawatt-scale, fast-response
flywheel-based solution designed to provide less expensive, more
sustainable and effective frequency regulation services to power
grids around the world. The Company's business strategy is both to
supply frequency regulation services from its own plants and to
sell systems directly to utilities or grid operators in parts of
North America and selected international markets. Beacon is a
publicly traded company with its research, development and
manufacturing facility in the U.S. For more information, visit
http://www.beaconpower.com.
Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995: The Material contained in
this press release may include statements that are not historical
facts and are considered "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect Beacon Power Corporation's
current views about future events, financial performances, and
project development. These "forward-looking" statements are
identified by the use of terms and phrases such as "will,"
"believe," "expect," "plan," "anticipate," and similar expressions
identifying forward-looking statements. Investors should not rely
on forward-looking statements because they are subject to a variety
of risks, uncertainties, and other factors that could cause actual
results to differ materially from Beacon's expectation. These
factors include: a short operating history; a history of losses and
anticipated continued losses from operations; the complexity and
other challenges of arranging project financing and resources for
one or more frequency regulation power plants, including
uncertainty about whether we will be able to comply with the
conditions or ongoing covenants of the Federal Financing Bank loan
for our Stephentown, New York, facility; our need to comply with
any disbursement or other conditions under the DOE Smart Grid grant
program; a need to raise additional equity to fund Beacon's
projects and our other operations in uncertain financial markets;
conditions in target markets, such as that some ISOs are taking
longer than others to comply with FERC's requirement to update
market rules to include new technology such as ours, and also such
as that frequency regulation pricing is lower in the short-term
than at many times in the past; our ability to obtain site
interconnection approvals, landlord approvals, or other zoning and
construction approvals in a timely manner; limited experience
manufacturing commercial products or supplying frequency regulation
services on a commercial basis; limited commercial contracts for
revenues to date; the dependence of revenues on the achievement of
product optimization, manufacturing and commercialization
milestones; dependence on third-party suppliers; intense
competition from companies with greater financial resources,
especially from companies that are already in the frequency
regulation market; possible government regulation that would impede
the ability to market products or services or affect market size;
possible product liability claims and the negative publicity which
could result; any failure to protect intellectual property;
retaining key executives and the possible need in the future to
hire and retain key executives; the historical volatility of our
stock price, as well as the volatility of the stock price of other
companies in the energy sector, especially in view of current
conditions in the financial markets generally. These factors are
elaborated upon and other factors may be disclosed from time to
time in Beacon Power filings with the Securities and Exchange
Commission. Beacon Power expressly does not undertake any duty to
update forward-looking statements.
CONTACT: Investor Relations Contact:
Chris Witty
Darrow Associates
646-438-9385
cwitty@darrowir.com
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