Boston, United States [RenewableEnergyWorld.com] Beacon Power Corporation, a company that designs and develops products and services to support electricity grid operation, said that it plans to scale back its previously announced plans for a 5-megawatt flywheel based energy storage system.
Beacon had initially expected to have up to 5-MW in service as of the end of fiscal year 2008. However, due to the recent uncertainty and volatility in the equity and credit markets, the company said that it has decided to cut back.
Beacon plans to raise less cash in its October sale of shares and warrants than once anticipated and to raise additional funds during early 2009.
As of September, Beacon had built and tested a system of ten individual flywheels that made up its first full megawatt implementation. Based on internal testing of the integrated matrix of ten flywheels, the company said that its one-megawatt Smart Energy Matrix could ramp up and down to absorb and supply a full megawatt of power and that their plans called for a 5-MW system to be built by the end of fiscal year 2008.
The company has now decided to revise its deployment schedule. Beacon now expects to deploy an additional 2 MW (for a total of 3 MW) in ISO New England by the end of the year, and two additional MW (for a total of 5 MW) in the same location during the first quarter of 2009.