Beacon Power, a Tyngsboro, MA-based flywheel energy storage company, announced an agreement to sell up to $25 million worth of its common stock to Aspire Capital Fund over a 26-month term, starting July 2. Chicago-based Aspire Capital has already purchased about 1.5 million shares of Beacon Power (NASDAQ: [[ticker:BCON]]) stock for $500,000. Under the stock sale agreement, the company has the right to direct Aspire on any trading day to purchase up to 400,000 shares of its stock for at least 34 cents per share, provided that the company’s closing share price was more than 25 cents. The proceeds from the deal will go to general corporate purposes and working capital for Beacon Power, which received a $43 million loan from the Department of Energy last July.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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