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Beacon Power Installs Prototype in New York

Beacon Power Corporation (NASDAQ: BCON) recently delivered, installed and connected a scale-power Smart Energy Matrix demonstration system to the electricity grid in Amsterdam, New York. After arriving at the site, the system was connected and turned up to full power, and is now following and responding to live ISO-specified requirements to demonstrate frequency regulation. The project, jointly funded by the New York State Energy Research and Development Authority (NYSERDA) and the U.S. Department of Energy (DOE) Energy Storage Program, is the second such scale-power system Beacon has delivered, in addition to a similar system in California. In the coming months the system will be rigorously tested by NYSERDA, in conjunction with Beacon Power and the U.S. DOE, to demonstrate how Beacon’s flywheel energy storage technology has the potential to be used to provide frequency regulation services on a commercially competitive basis. The NYSERDA system was also engineered to provide additional application capabilities, including uninterruptible power (UPS) to the site, and volt-amperes reactive power, or VARs, which help to stabilize the local grid. These functions will be evaluated later in the testing process and assessed as to their commercial potential. “Building, delivering and successfully connecting this latest demonstration system is another […]

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Ormat Launches Follow-On 3.5M Shares Offering

Ormat Technologies, Inc. (NYSE: ORA) on Tuesday said it plans to offer 3,500,000 shares of its common stock in an underwritten follow-on public offering. The Company also plans to grant the underwriters a 30-day option to purchase up to an aggregate of 525,000 additional shares of common stock. The Company expects to use the proceeds from this offering for its general corporate purposes and those of its consolidated subsidiaries, which may include construction of geothermal and recovered energy generation power plants and other investments, and financing possible acquisitions. Lehman Brothers Inc. and Goldman, Sachs & Co. are acting as joint book-running managers, Citigroup Global Markets Inc. is acting as joint lead manager and RBC Capital Markets Corporation and HSBC Securities (USA) Inc. are acting as co-managers for the offering. Website: http://www.ormat.com     

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