Clean Energy Program Suffers New Blow

A Massachusetts energy company that received a $43 million U.S. loan guarantee has filed for bankruptcy protection, in a new black eye for the Obama administration”s clean-energy program following the collapse of solar-panel maker Solyndra LLC two months ago.

Beacon Power Corp. used the U.S. backing to build a plant outside Albany, N.Y., designed to store power and help electric companies manage minute-by-minute movements in supply and demand. But the firm said it was operating at a loss and couldn”t raise more funds amid the political furor over Solyndra, whose bankruptcy filing could cost taxpayers more than $500 million.

Energy Program Suffers New Blow

© 2013 Energy Tribune

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