Beacon Power (BCON) Jumps On Dept of Energy $43M Loan Commitment
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Shares of Beacon Power Corporation (Nasdaq: BCON) are jumping higher today after the company announced that it has received a conditional commitment from the U.S. Department of Energy (DOE) for a loan guarantee of approximately $43 million.
The DOE offer outlines terms for a loan that would finance more than 60% of Beacon's planned 20-megawatt (MW) flywheel-based energy storage plant to be located in Stephentown, New York. Beacon would finance the remaining lost of the project with a combination of cash, in-kind assets, and other eligible project costs.
Shares of Beacon Power are up 17.5% mid-day following news of the conditional loan commitment.
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