Beacon Power Files Initial Public Offering of Common Shares
Beacon Power Corp. (Woburn, MA), a subsidiary of SatCon Technology Corp. (Cambridge, MA), filed with regulators to seek as much as $115.0 million in an initial public offering. It did not say in a preliminary prospectus filed with the Securities and Exchange Commission how many shares it expects to offer or the expected initial price per share. Those details are expected in future filings. The company generated revenues of $269,000 in the year ended December 31, 1999, compared with no revenues in 1998, according to the prospectus. It posted a net loss of $5.6 million in 1999 and $4.8 million in 1998. Beacon Power plans to use the net proceeds from the initial public offering for research and development, sales and marketing, working capital, and potential acquisitions. It has applied for a "BCON" symbol on Nasdaq and has hired Salomon Smith Barney, Banc of America Securities LLC and CIBC World Markets.