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. Beacon Power and the DOE have inked a $43 million Smart Grid stimulus loan guarantee agreement that completes financing for an innovative 20 MW flywheel energy storage plant in Stephentown, New York. The Massachusetts-based company's Gen 4 flywheel system is designed to regulate frequency on electric grids by absorbing and discharging power from the grid. Flywheels store and release energy very quickly and are able to respond to changes in grid demand 10 times faster than traditional fossil fuel generators. The result for New York's electric grid is enhanced reliability and stability. The system also will add capacity needed for renewable energy sources and significantly cut greenhouse gas emissions. The project is expected to create about 60 jobs in New York and Massachusetts.
Quick Take: Efficient, reliable energy storage systems are critical elements for a green Smart Grid strategy. Smart Grid stimulus investments like these coupled with proposed tax credit legislation suggest energy storage R&D is being take seriously.
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