Another Solyndra! Beacon Power Corp. Anyone Surprised?

Looks like Solyndra 2 is here! Beacon Power Corp. in Massachusetts received a $43 million loan from the Energy Department and is now filing for bankruptcy.

The Hill reports:

A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse.

Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

Beacon Power had received federal loan guarantee to help build an energy storage plant in Stephentown, New York that began operating in January. The Treasury Department’s Federal Financing Bank provided the loan.

Beacon sought bankruptcy protection two days after the White House ordered an independent 60-day evaluation of the Energy Department’s loan programs aimed at ensuring effective management and monitoring.

Of course Beacon is in the power grid and renewable energy business, that “we can not allow to fail.”

The Energy Department has lauded Beacon’s flywheel energy storage technology as a way to improve power grid stability and help bring renewable power sources into the system.

“We will continue to support the development and deployment of innovative energy systems like this energy storage project that support our goal of expanding renewable energy generation and reducing greenhouse gas emissions,” Energy Secretary Steven Chu said when announcing the finalization of the agreement in August of 2010.

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