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Web Date: November 4, 2011

DOE Loan Program Scrutinized

Clean Energy: Another energy firm files for bankruptcy as Administration announces 60-day audit
Department: Government & Policy | Collection: Sustainability
News Channels: Environmental SCENE
Keywords: Solyndra, DOE, White House, Beacon Power, House Energy & Commerce Committee

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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