31 Oct '11, 4pm

Second DOE Loan Recipient Files for Bankruptcy

Second DOE Loan Recipient Files for Bankruptcy

Beacon Power, like Solyndra, was one of the first loans to close under the Department of Energy’s 1705 loan guarantee program. Now, much like the failed solar panel manufacturer, the Massachusetts-based flywheel storage company has filed for bankruptcy protection and set off another ripple in the growing controversy over the federal program. On Sunday, Beacon Power , which received a $43 million loan guarantee to support the construction of a 20-megawatt flywheel energy storage plant in Stephentown, N.Y., filed for Chapter 11. It remains unclear what will happen to the facility or the technology inside the plant. What is certain is that the latest bankruptcy will add to growing Republican skepticism over the program itself and, for some, whether renewable technologies can ever boost the struggling American economy. “This latest failure is a sharp reminder that DOE has fall...

Full article: http://www.renewableenergyworld.com/rea/news/article/2011...

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