Flywheel energy storage firm files for Ch. 11 protection

Beacon Power Corporation, which develops flywheel-based energy storage to help stabilize the electricity grid, has reportedly filed for bankruptcy protection.

The company filed for Chapter 11 protection on Sunday, according to Dow Jones Financial Information Services.

Based in Tyngsboro, Massachusetts, Beacon Power this year began operations at its first flywheel energy storage plant in Stephentown, New York. It had planned to begin building a second plant later this year in Hazle Township, Pennsylvania.

The plants use fast-rotating flywheels to store excess and renewably generated grid energy as kinetic energy that can be tapped when demand rises or power from wind or solar sources is unavailable. They are designed to respond to fluctuating power demands faster than coal-fired “peaker” plants and, unlike coal plants, are zero emissions,

Beacon Power had received  a $24-million smart-grid stimulus grant from the US Department of Energy, as well as a $5-million state grant, toward construction of its second plant. Earlier this month, it engaged Group Robinson to seek additional financing options for both its planned Pennsylvania plant and “turnkey” facilities for overseas markets.