"Beacon Power Corp., an energy storage company that received $43 million in backing from the U.S. program that supported failed Fremont solar panel manufacturer Solyndra, filed for bankruptcy after struggling to raise private financing."
"The money-losing company, which makes flywheels that manage energy moving through a power grid, had sought to avoid the fate of Solyndra, which entered bankruptcy last month after receiving a $535 million loan guarantee from a U.S. Department of Energy program designed to spur alternative energy development. Beacon faced delisting of its shares by the Nasdaq and warned in an Aug. 9 regulatory filing that it might not remain a 'going concern.'"
Dawn McCarty reports for Bloomberg November 1, 2011.
SEE ALSO:
"Public Auction for Solyndra Assets Set for This Week" (E&E Daily)
Source: Greenwire, 11/01/2011
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