Almost two months after controversial solar panel manufacturer Solyndra sought Chapter 11 protection despite receiving a $535 million federal loan, another company that received taxpayer funds under a U.S. Department of Energy program has filed for bankruptcy.
Tyngsboro, Massachusetts–based Beacon Power filed for bankruptcy in Delaware on Sunday, listing assets of $72 million against $47 million in liabilities. Energy Department records show that Beacon received a $43 million federal loan in August 2010—substantially less than the $535 million loan at issue in the Solyndra scandal—to fund the construction of a 20-megawatt energy storage facility in Stephentown, New York.
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