Energy Editors/Business Editors
WILMINGTON, Mass.--(BUSINESS WIRE)--Jan. 21, 2004--
California Energy Commission and New York Public Service
Commission Approve M5 System for Inclusion on Key State Listings
Beacon Power Corporation (NASDAQ: BCON), a leader in sustainable
energy storage and power conversion systems, announced that the Smart
Power M5 system has been added to approved listings in California and
New York, two of the country's most important solar markets. This news
comes less than one month after the M5 received formal Underwriter's
Laboratories (UL) certification.
In California, the California Energy Commission (CEC) officially
added the Smart Power M5 to their approved products list. Through its
Emerging Renewables Program, the CEC offers cash rebates to homeowners
and small businesses when purchasing eligible grid-connected renewable
energy systems. In New York, the Public Service Commission (NYPSC)
added the M5 to its Type Tested and Approved Equipment list, which
means the Beacon system is now approved for interconnection to the
utility grid in that state.
"The CEC and NYPSC listings are essential steps in the sales
process in two of our most important state markets. In California,
only CEC-listed products qualify for the buydown rebate," said Bill
Capp, Beacon Power president and CEO. "It is also worth noting that
according to CEC standards, the M5 delivers the highest system
efficiency of any comparable grid-tied battery backup product."
More information on the California Energy Commission's buydown
program is available at
www.consumerenergycenter.org/renewable/index.html. Information on
NYPSC's Type Tested and Approved Equipment is available at
www.dps.state.ny.us/SIRDevices.PDF.
The Smart Power M5 is designed for use in grid-connected solar
power applications, and addresses the needs of customers who have
concerns about the stability and reliability of the electrical grid.
The Smart Power M5 immediately converts to an independent battery
backup mode when the grid fails, continuing to provide power to
critical loads. It is also the most compact, easy to install and
efficient product in this category.
About Beacon Power Corporation
Beacon Power Corporation (NASDAQ: BCON) designs and develops
sustainable energy storage and power conversion solutions that provide
reliable electric power for the renewable energy, distributed
generation and backup power markets. Beacon's latest product is the
Smart Power M5, a 5-kilowatt power conversion system for grid-connect
solar power applications. The Smart Power M5 is a UL-approved,
"all-in-one" power conversion system incorporating multiple
high-performance components in one unit that delivers instantaneous
power in the event of a grid outage. Beacon is also known for its
advanced flywheel-based Smart Energy systems, designed to provide
reliable, environmentally friendly power quality solutions for
electric utility transmission and distribution and other applications.
For more information call 888-938-9112, or visit
www.beaconpower.com.
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; no commercial contracts for sales to date; 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,
particularly in light of the substantial workforce reductions during
2001 and 2002; 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.
--30--GK/bo*
CONTACT: Beacon Power Corporation
Gene Hunt, 978-661-2825
hunt@beaconpower.com
KEYWORD: NEW YORK MASSACHUSETTS CALIFORNIA
INDUSTRY KEYWORD: RETAIL CONSUMER/HOUSEHOLD COMPUTERS/ELECTRONICS
ENERGY
SOURCE: Beacon Power Corporation
