$5M State loan to help power Co. add 68 jobs in Tyngsboro

Boston Herald
By Jay Fitzgerald |  June 14, 2008

Tyngsboro's Beacon Power Corp. plans to hire 68 new workers for an expansion plan that's being partly funded with a $5 million loan offered by the state.

Gov. Deval Patrick, who attended a ceremony yesterday at Beacon Power's new headquarters and manufacturing facility, said the loan will help add jobs within the clean-energy technology sector that his administration has targeted for growth here.

The loan comes from MassDevelopment's emerging technology fund and and the Massachusetts Renewable Energy Trust.

Beacon makes high-end energy flywheel devices that let utilities store energy when it is not needed -- and thus require less fossil fuels to run power plants.

"As a device to make use of rotational energy, the flywheel is as old as the potter's wheel, but Beacon Power has captured that ancient principle for the clean energy we need for our future," said Ian Bowles, state secretary of energy and environmental affairs.

If all goes well. Beacon could start adding new jobs later this year and through the end of 2009, bringing its total work force to about 108 people. "Beacon Power has always been a Massachusetts-based company, and we applaud the state's commitment to clean technology industry," said Bill Capp, the company's president and CEO.

Some analysts have praised Beacon's potential but Wall Street in general has been sour on the company, with shares trading yesterday at only $1.76.