The news adds to a fresh round of ugly Solyndra bankruptcy headlines, as the White House initiates a review of the entire $35.9bn Department of Energy (DOE) loan guarantee programme, which threatens to become a political liability for President Barack Obama.
Beacon, which operates a first-of-its-kind 20MW merchant flywheel energy storage facility to regulate rapid fluctuations of frequency on the New York ISO grid, required additional capital to continue development, says chief executive Bill Capp.
“Accordingly,
