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Stephentown Planning Board Approves Special Use Permit for Beacon Power Flywheel Plant

Stephentown Planning Board Approves Special Use Permit for Beacon Power Flywheel Plant

Beacon Power Corporation (Nasdaq: BCON), a company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, announced that at a meeting on July 17th, the Planning Board in Stephentown, New York, voted to issue a Special Use Permit for the Company’s planned 20-megawatt frequency regulation plant. This decision, which allows the site of the proposed plant to be used for Beacon’s intended purpose, is the final approval needed from the Planning Board. It follows a vote taken earlier this month by the Board to issue an environmental approval for the project.

“This important vote in our favor by the Planning Board is another key step toward building a frequency regulation plant in Stephentown,” said Bill Capp, Beacon Power president and CEO. “We’re grateful to the Board for its vision and fairness in evaluating our project, and we look forward to working with the community in the months ahead.”

With this Special Use Permit approval in place, Beacon will now exercise an option it holds to purchase the 7-acre parcel in Stephentown where it plans to build the frequency regulation plant. The Company will also secure standard building permits, as are required for any construction project, and begin initial site development activities.

Beacon is planning to have frequency regulation facilities in two locations before the end of the year with a total of five megawatts of capacity. The possible locations include Stephentown, Beacon’s Tyngsboro headquarters, and a site in Ohio.

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 entering production, is 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.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: This Material contained in this press release may include statements that are not historical facts and are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Beacon Power Corporation’s current views about future events and financial performances. These “forward-looking” statements are identified by the use of terms and phrases such as “believe,”“expect,”“plan,”“anticipate,” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Beacon Power Corporation’s expectation. These factors include: a short operating history; a history of losses and anticipated continued losses from operations; a need to raise additional capital combined with a questionable ability to do so; the complexity and other challenges of arranging project financing and resources for one or more frequency regulation power plants, including uncertainty about whether we will be successful in obtaining DOE loan guarantee support for our New York facility; conditions in target markets, including the fact that some ISOs, such as New York ISO, have been slow to comply with the FERC’s requirement to update market rules to include new technology such as the Company’s; our ability to obtain site interconnection or other zoning and construction approvals in a timely manner; no experience manufacturing any product or supplying frequency regulation services on a commercial basis; limited commercial contracts for sales to date; the dependence of sales on the achievement of product optimization, manufacturing and commercialization milestones; the uncertainty of the political and economic climate, and the different electrical grid characteristics and requirements of any foreign countries into which we hope to sell or operate, including the uncertainty of enforcing contracts, the different market structures, and the potential substantial fluctuation in currency exchange rates in those countries; dependence on third-party suppliers; intense competition from companies with greater financial resources, especially from companies that are already in the frequency regulation market; possible government regulation that would impede the ability to market products or services or affect market size; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property, including the effect of the patent litigation recently initiated against us; retaining key executives and the possible need in the future to hire and retain key executives; the historical volatility of our stock price, as well as the volatility of the stock price of other companies in the energy sector. These factors are elaborated upon and other factors may be disclosed from time to time in Beacon Power Corporation’s filings with the Securities and Exchange Commission. Beacon Power expressly does not undertake any duty to update forward-looking statements.

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