24.7.2007: Meldung: Beacon Power Corp.: Lease for New Corporate Headquarters and Expanded Manufacturing Facility
WILMINGTON, Mass.-- July 23, 2007--Beacon Power Corporation, a company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, announced that it has signed a long-term lease on a new corporate headquarters and expanded manufacturing facility in Tyngsboro, Massachusetts. The 103,000-square-foot facility is double the size of Beacon"s current location in Wilmington, Massachusetts. The Company plans to relocate by October 2007.
"This new facility, once it"s been fully fitted out, will provide Beacon with the space and infrastructure we need to expand our business and make a smooth transition from development to full-scale production," said Bill Capp, Beacon president and CEO. "The Tyngsboro site meets our requirements for manufacturing and R&D area, electric power, warehousing, shipping capabilities, and office space, at a lower cost per square foot than our current facility. It has sufficient space to support the production and testing of more than 1,000 flywheel systems per year."
The building is owned by GFI Tyngsboro LLC, of Boston, Massachusetts. and is located at 65 Middlesex Road in Tyngsboro. It is now being renovated and built out to Beacon"s specifications. The facility currently sits on 17.7 acres of land, adjacent to a rail line, and has the potential for further expansion in the future.
The lease agreement was structured to ease demands on Beacon"s cash flow over the term of the lease. For example, GFI has agreed to make site improvements and provide an allowance for Beacon to use in building out the facility to its specifications. Moreover, as part of the lease agreement GFI has accepted 150,000 shares of Beacon"s common stock, as well as a warrant covering 500,000 shares at an exercise price equal to the fair market value of each share on the date the warrants are issued. In return, GFI agreed to cash payment requirements on the lease agreement that are lower than market rates by an amount at least equal to the fair market value of the Beacon equity.
About GFI Partners, Inc.
GFI Partners, Inc., which is affiliated with GFI Tyngsboro LLC, is a full-service real estate development company based in Boston, Massachusetts. Since 1997, GFI Partners has completed more than 50 real estate transactions with over $500 million in cumulative value. GFI"s portfolio spans the U.S. and is focused on opportunistic, value-add development projects. GFI is currently managing over two million square feet of industrial, office, and retail space.
About Beacon Power
Beacon Power Corporation designs, develops and is taking steps to commercialize advanced products and services to support stable, reliable and efficient electricity grid operation. The Company"s primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon"s Smart Energy Matrix, now in development following approval for use in three of the country"s five open-bid regulation markets, is being designed to be a non-polluting, megawatt-level, utility-grade flywheel-based solution that would provide sustainable frequency regulation services. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com.
Beacon Power Corporation
James Spiezio, 978-694-9121
Beacon Power Corporation