Web Date: November 4, 2011
DOE Loan Program Scrutinized
A second Department of Energy loan guarantee recipient has gone bust. Beacon Power, a Massachusetts-based developer and manufacturer of flywheels to provide backup electricity to the grid, filed for bankruptcy protection on Oct. 30.
Unlike Solyndra—the much-discussed bankrupt solar manufacturer, which began auctioning off its plant and equipment last week—Beacon Power will continue operating, although its stock value has plummeted and all employees have agreed to a 20% wage cut.
Beacon’s announcement came days after . . .
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