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November 19, 2011

Bankrupt flywheel maker Beacon to sell plant to pay back DOE

"Beacon Power, the flywheel maker that filed for bankruptcy last month after winning a $43 million loan guarantee from the Department of Energy, announced on Saturday that it plans to sell its 20 MW flywheel plant in Stephentown, New York, to pay back the DOE loan. Beacon Power has been in negotiations with the DOE about how to pay back the loan and also continue operations, and Beacon says the DOE loan office’s 'highest priority was to recover as much of the $39.1 million loan balance as soon as possible' which led to the decision to sell the plant by January 30, 2012."

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November 19, 2011 in Current Affairs | Permalink

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