Beacon will be allowed to draw up to 95% of the $24m smart grid grant, under the phase II funding allocation awarded by DOE in 2009.

The funds will be used for material and component procurement, equipment manufacturing and installation and physical plant construction.

The company received 4% of the grant amount in the phase I allocation.

Beacon Power designs, develops and is commercializing advanced products and services to support stable, reliable and efficient electricity grid operation.