The DOE released a press release yesterday announcing its $43 million loan guarantee to Beacon Power to build something I wont pretend to understand.
From the DOE Press Release:
Beacon said the operation will create 20 construction jobs in New York and 40 permanent jobs in Massachusetts, where the company is headquartered. The company will contribute roughly $26 million
The flywheel facility is estimated to cost $69 million
I failed math right before I dropped out of the 1st grade but It seems that the total investment is $69 million (thank god they put that right in the press release) and the total net job creation will be roughly 60 jobs.
Oh wait-I know why this looks screwy. Its because its part of that scandalous Smart Grid cash from the stimulus
So how will Beacon come up with additional funds to pay back these loans? It’s called a “Feed In Tariff” (PDF) and all the cool kids are doing it!
Also-wasnt Beacon Power helping the Apollo Alliance shape this legislation? You bet your sweet ass. Stay tuned…