Beacon Power Corporation, a Massachusetts-based renewable energy company, is declaring bankruptcy - after receiving federal funds from the same program that subsidized the failed solar firm Solyndra.
The company also received funding from New York State.
Last July, Beacon Power celebrated the opening of its new flywheel plant in Stephentown, N.Y.
The flywheels were designed to help modernize the state’s power grid. They act as a sort of shock-absorber, to quickly store and release energy to the grid.