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Beacon raises just $48M
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November 16, 2000: 6:38 p.m. ET
Beacon IPO prices at $6, raises only half of amount originally anticipated
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NEW YORK (CNNfn) - Beacon Power Corp., expected by analysts to be a bright initial public offering in an unspectacular week, raised just $48 million after drastically slashing its expected price range.
Beacon priced 8 million shares at $6 each. The company was originally expected to price between $11 and $13, but cut its range to between $6 and $8 earlier in the day.
Beacon uses a very old technology, flywheel energy storage, to provide backup power for communications networks, the Internet and other high tech businesses. The flywheel, basically just a very large wheel in which energy can be stored and released at a high efficiency, can be used as an alternative to lead batteries or generators.
The Woburn, Mass.-based company had revenue of just $269,000 in 1999, and lost more than $6.6 million.
Led by Salomon Smith Barney, the company will trade as "BCON" on the Nasdaq. 
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