Rockland To Pay $31M For Bankrupt Beacon Power

Law360, New York (February 6, 2012, 6:00 PM EST) -- With the backing of major creditors and no competing bids, private equity firm Rockland Capital LLC said Monday it would pay $30.5 million for the assets of Beacon Power Corp., a smart-grid technology company that received a federal loan guarantee before falling into bankruptcy in October.

Texas-based Rockland said it would continue to operate Beacon's only power-storage facility, a 20-megawatt storage flywheel in Stephentown, N.Y., and said it planned to develop a second facility in Pennsylvania. Rockland also will assume Beacon’s $6.6 million obligation to the...
To view the full article, register now.