Rockland Capital Completes Acquisition of Beacon Power
TYNGSBORO, MA – March 7, 2012 — Rockland Capital, LLC (“Rockland”), a leading private equity firm focused on energy-related investments, has completed its acquisition of Beacon Power Corporation’s 20-megawatt flywheel energy storage plant in Stephentown, New York, and most of the other assets of the Company. Beacon had previously filed for Chapter 11 bankruptcy on October 30, 2011, and Rockland entered into an agreement to purchase the Company’s assets on February 6, 2011.
Under the terms of the agreement, Rockland purchased substantially all of the Company’s assets for a combination of cash and a promissory note to the U.S. Department of Energy totaling $30.5 million. The acquired assets and agreements have been placed into two new private companies named Beacon Power, LLC and Spindle Grid Regulation, LLC, both wholly owned by Rockland Power Partners, LP, a $333 million fund managed by Rockland.
In conjunction with the transaction, Rockland’s new company has rehired a majority of the former employees. Rockland also intends to provide the necessary equity capital to develop a second 20 MW flywheel regulation plant in Pennsylvania in concert with a $24.1 million grant from DOE and a $5.0 million grant from the Commonwealth of Pennsylvania.
Scott Harlan, Managing Partner for Rockland Capital, said, “We are excited to work with the Beacon team to continue developing, constructing, and operating fast-response energy storage technology. Beacon’s facilities will help maintain the integrity and stability of the electric grid, while enabling increased renewable resource deployment. The implementation of pay-for-performance pricing for frequency regulation resources later this year will reward the Company for providing these services and provide a foundation for continued growth.”
About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York.