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What Happened at Beacon

Election politics almost killed a great idea.

Fortnightly Magazine - May 2012

signals that say we need them, we’re going to pay for them. If companies are making money and can repay their shareholders, then more will invest.

As for Beacon’s business, clearly Rockland Capital understood when it acquired Beacon Power out of bankruptcy that between now and the end of October there might be some issues with the amount of revenue generated. But nevertheless Rockland is willing to keep the company afloat, and to continue with plans to build a second facility in Pennsylvania. [Editor’s Note: Rockland assumed $25 million of the company’s outstanding DOE-guaranteed loan, plus provided $5.5 million in cash and another $30 million in equity to finance a second flywheel plant.]

We made a commitment that we weren’t going to allow Beacon to fall prey to presidential election politics. And the end result is that Beacon will remain a going concern. Everything is moving forward. Once the pay-for-performance compensation kicks in, the company will be doing fine.