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The project, which is a planned 20-megawatt flywheel-based energy storage plant, is to be located in Stephentown, New York and its total cost is estimated to be $69 million. According to the company, the loan would finance more than 60% of its planned project.

Beacon Power said that the Stephentown plant, which will provide frequency regulation services, will help stabilize and enhance the performance of the grid, besides significantly reducing carbon-di-oxide levels, compared to fossil fuel-based regulation methods currently used.

The anticipated federal funding and expected plant construction is expected to catapult the development and pilot operation of the company's flywheel technology to full-scale commercial deployment.

BCON, which has thus far hit a 52-week low of $0.32 and 52-week high of $1.97, is currently up 21.56% trading at $0.96 on a volume of 7.69 million shares.

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