bcon, 1.21, news and gapping
Beacon Power Receives Contract from Bechtel Bettis, Inc. to Demonstrate Advanced Flywheel-Based Power System
Business Wire - March 22, 2005 08:45
WILMINGTON, Mass., Mar 22, 2005 (BUSINESS WIRE) -- Beacon Power Corporation (NASDAQ: BCON), a development stage company that designs, develops, and delivers sustainable energy storage and power conversion systems, has announced that it has been awarded a contract from Bechtel Bettis, Inc., to design and deliver an advanced flywheel-based power system demonstration unit.
"We're pleased to receive this contract, which reinforces an important aspect of our overall strategy," said Bill Capp, Beacon Power president and CEO. "We continue to seek and perform contract R&D that can leverage Beacon technology and complement our primary business focus, which is to design products and services for a more reliable electricity grid. Although this contract is not considered material from a revenue standpoint, these types of projects are significant because they extend our technology portfolio, help defray operating expenses, and can lead to other business opportunities."
In another successful example of this strategy, Beacon recently completed a Phase I SBIR contract for the Defense Advanced Research Projects Agency (DARPA), and is awaiting a decision on the associated Phase II proposal.
About Bechtel Bettis, Inc.
Bechtel Bettis, a Bechtel subsidiary, manages and operates the U.S. Navy Nuclear Propulsion Program's Bettis Atomic Power Laboratory for the U.S. Department of Energy. Bechtel is a global engineering-construction organization that provides premier technical management and directly related services to develop, engineer, build and operate installations for customers worldwide.
About the Defense Advanced Research Projects Agency (DARPA)
DARPA is the central research and development organization for the Department of Defense (DoD). It manages and directs selected basic and applied research and development projects for DoD, and pursues research and technology where risk and payoff are both very high and where success may provide dramatic advances for traditional military roles and missions.
About Beacon Power
Beacon Power Corporation (www.beaconpower.com) designs sustainable energy storage and power conversion solutions that would provide reliable electric power for the utility, renewable energy, and distributed generation markets. Beacon's Smart Energy Matrix is a design concept for a megawatt-level, utility-grade flywheel-based energy storage solution that would provide sustainable power quality services for frequency regulation, and support the demand for reliable, distributed electrical power. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S.
For more information, please contact James Spiezio, Chief Financial Officer; phone 978.694.9121; fax 978.694.9127; email spiezio@beaconpower.com; or write to Beacon Power Corporation, 234 Ballardvale Street, Wilmington, MA 01887.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995:
Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" 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; conditions in target markets; no experience manufacturing any product on a commercial basis; the Company has only recently entered into the renewable energy market through its inverter products, and hence, has only limited experience in this sector; the dependence of sales on the achievement of product development and commercialization milestones; the uncertainty of the political and economic climate of any foreign countries into which Beacon hopes to sell, including the uncertainty of enforcing contracts and the potential substantial fluctuation in currency exchange rates in those countries; significant technological challenges to successfully complete product development; dependence on third-party suppliers; intense competition from companies with greater financial resources; possible government regulation that would impede the ability to market products; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property; the possible need in the future to hire and retain key executives; the recent volatility in the stock price of companies operating in the same sector; the power of controlling shareholders and the limited ability of others to influence the outcome of matters put to the vote of shareholders. 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 Corporation expressly does not undertake any duty to update forward-looking statements.
SOURCE: Beacon Power Corporation
Beacon Power Corporation
James Spiezio, 978-694-9121
spiezio@beaconpower.com
Copyright Business Wire 2005
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