Whoever thought this was a good idea (ahem… Dr. Steven Chu Ph.D. in physics from the University of California, Berkeley) needs to lose their job:
An energy company that received a $43 million loan guarantee through the same federal program that backed Solyndra has followed the path of the failed solar firm and filed for bankruptcy.
Beacon Power Corporation filed for Chapter 11 bankruptcy on Sunday in U.S. Bankruptcy Court in Delaware. The company, which develops energy storage systems based on what are known as “flywheels,” had received the federal guarantee for a 20-megawatt energy storage plant in Stephentown, N.Y., back in August 2010.
The loan was expected to cover the lion’s share of the $69 million project, one of several that Beacon was developing across the country.
But the company’s CEO said in a statement to the court that all those projects are “capital intensive,” and the firm is struggling to attract the additional investment needed to keep everything running. The fact that the company faced being de-listed from the NASDAQ didn’t help, he said.
Flywheels? Seriously?
What is it with the eco-fanatics fascination with Victorian era technology? The are in love with electric cars, windmills, solar (photovoltaic cells) panels and now flywheels.
One of the first patents to discuss energy storage using a flywheel dates back to 1894:
click for larger image
My invention relates to that class of regulators by which energy is stored when the quantity produced by the motor is in excess of that demanded by the load upon it, and restored to the system whenever the demand of the load is greater than the supply. In this respect the action of the device is analogous to that of a flywheel. Flywheels, however, on account of the excessive weight which they necessarily assume if designed to store large quantities of energy, are generally useful only to absorb fluctuations of power extending over comparatively short periods of time, such as occur during the different parts of the revolution or cycle of an engine.
The main purpose of my invention is to produce a regulator applicable to any form of motor, which, without having excessive weight in its moving parts, shall render possible the storing and restoring of any desired quantity of energy, and which may serve to neutralize fluctuations of power enduring for comparatively long periods of time, for example for several minutes, or even hours.
To accomplish this purpose, I employ, as a means of storing energy, any suitable form of electrical storage battery, and as the moving or revolving body, which replaces the flywheel of the older constructions, the armature of a dynamo electric machine, constructed and connected to the storage battery in a manner to be more fully explained hereinafter, so that when revolving with the desired speed in a constant direction it may act either as a generator, absorbing surplus energy from, the motor and charging the battery, or as an auxiliary motor drawing energy from the battery and assisting the engine or prime mover, at times when the load exceeds the average.
Way to be cutting edge… Circa 1894 (if ever) Steven Chu…
Even worse than the flawed technology is the fact that, again, a politically connected donor is at the center of the failed venture:
One of the most controversial aspects of the Solyndra case — aside from the sheer size of the $535 million guarantee — was a decision earlier this year to prioritize private investors over taxpayers in case of bankruptcy. Republicans have accused the administration of giving precedence to investors in the companies who are also Obama backers.
“As with Solyndra, the head of Beacon Power appears to have been a supporter of President Obama’s,” Sessions said in a statement.
“Increasingly, we are moving away from our capitalist heritage and towards a system where most Americans play by the rules while some are able to rig the game in their favor. The real divide is not split along income lines, but between the politically-connected and those—whether businesses or individuals—who just want the freedom to earn a living.“
Oh, and for the $43 million, Beacon power was only planned to create (or save) 14 permanent jobs and 20 construction jobs.
What a deal.
This goes along with the wish for us to return to an agrarian society. Nice catch! Last century was sooo much better. The life expectancy, not so good.
Thanks!
The leftist eco-fanatics want us all to be subsistence farmers scratching at the dried ground with sticks- all in the name of saving the planet.
Centralized planning _ it has worked so well throughout history, hasn’t it? LOL
No it has not. But, this time, with the smart people running the show it will work much better.