By Boston Business Journal

Energy storage developer Beacon Power Corp. (Nasdaq: BCON) has received a delisting warning from the Nasdaq Stock Market, citing the companyâ¿¿s failure to maintain a minimum $1 bid price throughout September.

Tyngsboro-based Beacon Power, which is building flywheel-based energy storage systems for the smart grid, said in a filing with the U.S. Securities and Exchange Commission that it plans to bring its stock price into compliance with Nasdaq rules before the March 28 deadline. The companyâ¿¿s stock was trading at $0.39 early today.

It's the second Massachusetts energy technology company to face delisting action this week: The Nasdaq disclosed a delisting move against Evergreen Solar, Wednesday.

Beacon Power also reported that it has hired advisory company and investment banking firm Group Robinson to help it find financing for Beaconâ¿¿s planned 20 megawatt flywheel frequency regulation plan in Hazle Township, Pa. The company also plans to utilize Group Robinson to help bring in financing for what Beacon Power calls build-operate-transfer structures utilizing flywheel technology in locations outside the U.S.

Beacon Power said it has already secured more than half of the funds to build the $53 million Pennsylvania project, including a $24 million stimulus grant award from the U.S. Department of Energy and a $5 million state grant.

The company launched operations at its first 20-megawatt flywheel frequency regulation plant in Stephentown, N.Y. in January.

Frequency regulation helps to stabilize the flow of power through the grid, and in the case of flywheel-based systems uses no fuel.

Copyright 2011 American City Business Journals

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