Beacon Power Launches Smart Power M5 Inverters for Renewable Energy Applications.
WILMINGTON, Mass.--(BUSINESS WIRE)--June 17, 2003
Beacon Power has announced an expansion of its energy technology product line with the launch of new Smart Power M5 renewable energy inverters. The new products are based on the development and enhancement of electronics technology and assets purchased from Advanced Energy Systems, Inc., formerly of Wilton, New Hampshire. Beacon Power acquired Advanced Energy's intellectual property and product inventory in March of this year from Advanced Energy's Chapter 7 trustee. The company had since 1999 been a supplier of high-performance inverter systems to the photovoltaic (solar power) market.
The initial product release is an upgraded and improved 5-kilowatt inverter system for grid-connect applications. The system takes DC power from solar energy sources and converts it to AC power for local use (or for feeding back to the electric grid). Based on and upgraded from the MM5000 unit purchased from Advanced Energy, this high-efficiency system will feature flexible operation -- commonly referred to as multimode -- in a variety of system configurations. Unlike most competitive systems, the M5 is designed to provide uninterrupted power to a home or business, even in the event of a grid power outage.
"From our discussions with leading distributors and retailers in the solar power industry, we concluded that an innovative, high-performance multimode inverter would be an attractive offering," said Bill Capp, Beacon Power President and CEO. "We are therefore introducing the Smart Power M5, a true grid-connected UPS, to the photovoltaic market.
"The high-efficiency 5-kW inverter, backed by a warranty of up to five years, will offer a range of features in one compact, integrated system. These include a 2-stage DC-to-AC inverter, charge controller with maximum power point tracking capability, complete switchgear, patented anti-islanding technology and battery back-up (UPS) capability. Systems can be equipped with optional performance monitoring software, residential battery boxes and string combiners.
"We heard from distributors and retailers that there were significant advantages to the all-in-one design of this product, especially in labor savings and overall convenience," added Capp. "By comparison, one of the best-known competitive systems requires seven separate components to be configured, mounted and interconnected."
Orders are now being accepted for deliveries beginning in August. Further, an off-grid version of the M5 unit, called the M5 Plus, will be available later this year. A toll-free hotline has been established to respond to dealer and distributor inquiries for the new products. For more information in the U.S., call toll-free 1-888-938-9112. International callers can dial 1-978-694-9121.
In addition, service and upgrades for existing MM5000 units in the field are expected to be available later this year.
About Beacon Power Corporation
Beacon Power Corporation (NASDAQ: BCON) designs and develops sustainable energy storage and power conversion solutions that provide reliable electric power for the renewable energy, telecommunications, distributed generation and UPS markets.
For more information, please contact Gene Hunt at Beacon Power at 978-661-2825; email firstname.lastname@example.org; or visit www.beaconpower.com.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995:
Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" 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; conditions in target markets; no experience manufacturing any product on a commercial basis; no commercial contracts for sales to date; the dependence of sales on the achievement of product development and commercialization milestones; the uncertainty of the political and economic climate of any foreign countries into which Beacon hopes to sell, including the uncertainty of enforcing contracts and the potential substantial fluctuation in currency exchange rates in those countries; significant technological challenges to successfully complete product development; dependence on third-party suppliers; intense competition from companies with greater financial resources; possible government regulation that would impede the ability to market products; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property; the possible need in the future to hire and retain key executives, particularly in light of the substantial workforce reductions during 2001 and 2002; the recent volatility in the stock price of companies operating in the same sector; the power of controlling shareholders and the limited ability of others to influence the outcome of matters put to the vote of shareholders. 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 Corporation expressly does not undertake any duty to update forward-looking statements.