Beacon Power Corporation (NASDAQ: BCON), a company that designs and
develops advanced products and services to support more stable, reliable
and efficient electricity grid operation, has filed a registration
statement on Form S-3 with the Securities and Exchange Commission (SEC)
to register shares sufficient to raise up to $60 million in new
investment. This so-called “shelf”
registration replaces a previous shelf registration of $50 million,
which was filed in July 2007 and which has been withdrawn because most
of it had already been used for equity offerings in the 3rd
and 4th quarters of 2007.
The new registration statement has been filed in order to provide the
Company with the flexibility to raise additional capital in the future.
A copy of the prospectus included in the registration statement may be
found under SEC filings in the Investors section of Beacon’s
website, located at www.beaconpower.com.
About Beacon Power
Beacon Power Corporation designs, develops and is taking steps to
commercialize advanced products and services to support stable, reliable
and efficient electricity grid operation. The Company’s
primary business strategy is to commercialize its patented flywheel
energy storage technology to perform frequency regulation services on
the grid. Beacon’s Smart Energy Matrix, which
is now entering production, is designed to be a non-polluting,
megawatt-level, utility-grade flywheel-based solution that would provide
sustainable frequency regulation services. Beacon is a publicly traded
company with its research, development and manufacturing facility in the
U.S. For more information, visit www.beaconpower.com.
Safe Harbor Statements under the Private Securities Litigation Reform
Act of 1995: This Material contained in this press release may include
statements that are not historical facts and are considered “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect Beacon
Power Corporation’s current views about future
events and financial performances. These “forward-looking”
statements are identified by the use of terms and phrases such as “believe,”
“expect,” “plan,”
“anticipate,” and
similar expressions identifying forward-looking statements. Investors
should not rely on forward-looking statements because they are subject
to a variety of risks, uncertainties, and other factors that could cause
actual results to differ materially from Beacon Power Corporation’s
expectation. These factors include: a short operating history; a history
of losses and anticipated continued losses from operations; a need to
raise additional capital combined with a questionable ability to do so;
the complexity and other challenges of arranging project financing and
resources for one or more frequency regulation power plants, including
uncertainty about whether we will be successful in obtaining DOE loan
guarantee support for our New York facility; conditions in target
markets, including the fact that some ISOs have been slow to comply with
the FERC’s requirement to update market rules
to include new technology such as the Company’s;
our ability to obtain site interconnection or other zoning and
construction approvals in a timely manner; no experience manufacturing
any product or supplying frequency regulation services on a commercial
basis; limited commercial contracts for sales to date; the dependence of
sales on the achievement of product optimization, manufacturing and
commercialization milestones; the uncertainty of the political and
economic climate, and the different electrical grid characteristics and
requirements of any foreign countries into which we hope to sell or
operate, including the uncertainty of enforcing contracts, the different
market structures, and the potential substantial fluctuation in currency
exchange rates in those countries; dependence on third-party suppliers;
intense competition from companies with greater financial resources,
especially from companies that are already in the frequency regulation
market; possible government regulation that would impede the ability to
market products or services or affect market size; possible product
liability claims and the negative publicity which could result; any
failure to protect intellectual property, including the effect of the
patent litigation recently initiated against us; retaining key
executives and the possible need in the future to hire and retain key
executives; the historical volatility of our stock price, as well as the
volatility of the stock price of other companies in the energy sector.
These factors are elaborated upon and other factors may be disclosed
from time to time in Beacon Power Corporation’s
filings with the Securities and Exchange Commission. Beacon Power
expressly does not undertake any duty to update forward-looking
statements.
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