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Mass. firm gets loan for NY energy storage system
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TYNGSBORO, Mass. - A Massachusetts company says the federal government has approved a $43 million loan guarantee to help finance a 20-megawatt energy storage system for New York's electrical grid.
Beacon Power Corp. said in a statement that the loan from the U.S. Department of Energy would cover more than 62 percent of the cost of the project, with the company financing the remainder.
The Tyngsboro, Mass.-based developer of energy storage systems wants to build 200 flywheel batteries over several acres in Stephentown, N.Y., to store spare power from the electrical grid.
Beacon says the energy storage plant will be emission free and reduce CO2 levels compared with fossil-fuel based systems.
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