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August 16th, 2005
Beacon Power Corporation (NASDAQ: BCON), a provider of grid stabilization technology, announced
its second quarter financial results for the period ended June 30, 2005. The company reported that revenues increased to $318,000
compared to $126,000 for the same quarter last year. For the six month period, gains were even higher. For the six months
ended June 30, 2005, revenue hit $954,000 compared to $184,000 for the same period last year.
Bill Capp, Beacon Power’ s CEO, with the financial report commented on the demonstration
systems being built in New York and California, "At the mid-way point of the year, we're proceeding on schedule with the two
Smart Energy Matrix demonstration systems we're building for installation in California and New York. In less than one year,
our engineering team has been able to design, develop, assemble and integrate the world's first flywheel matrix to demonstrate
how responsive energy storage can provide grid frequency regulation. The result of their efforts is that the system was successfully
tested and approved for shipment to California later this month, pending completion of installation site preparations."
Mr.
Capp further elaborated on growing market interest in its system, "With field testing of the first prototype Smart Energy
Matrix imminent, and the expected shipment of our second system to New York in the fall, we're beginning to see interest in
this demonstration from energy officials and experts around the country. With the Energy Bill now becoming law, including
new standards for grid reliability, we believe that our cleaner, better-performing technology will represent an appealing
alternative for grid operators and utilities."
James Spiezio, CFO of Beacon Power was optimistic about the operations of the company, "We
continue to meet with potential investors and other industry supporters. We believe that we will be able to raise sufficient
funds to continue operations and begin development of the flywheel system for the Smart Energy Matrix."
Beacon Power, through its flywheel based Smart Matrix System regulates the frequency of electricity,
called frequency regulation in the power industry. Frequency regulation is important for power utilities in order to produce
consistent levels of power to end-customers and hence maintain optimum electrical power efficiencies.
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