Beacon Power announced today that it received a commitment for $25 million in new investment. The capital will be used to fund ongoing operations, the manufacturing and deployment of Smart Energy 25 flywheels, and the construction of the Company’s frequency regulation plant that is expected to have 10 to 20 MW of service capability by the end of 2008.
The investment was made by three current Beacon investors who agreed to an at-market purchase of approximately 11.9 million units for $2.10 per unit. Each unit contains one share of the company’s common stock and one warrant to purchase 0.95 of a share of the Company’s stock at an exercise price of $2.97.
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