July 2, 2009

DOE to provide $59M in loan guarantees

The U.S. Department of Energy said Thursday it would provide loan guarantees to Nordic Windpower USA and Beacon Power worth $59 million.

Nordic Windpower of Berkley, Calif., was granted $16 million to upgrade an assembly plant in Pocatello, Idaho, that produces one megawatt turbines that use two blades. The two-blade system costs 10 percent less to produce, install and operate, the DOE said in a statement.

Beacon Power was granted $43 million to build a 20-megawatt flywheel energy storage plant in Stephentown, N.Y.

These projects represent the innovative technologies that will help America reduce its dependence on fossil fuels and fight climate change, DOE Secretary Steven Chu said.