Beacon Power Seeks Sale of Assets in Deal With Government

Beacon Power Corp., the maker of energy-modulation equipment that received $43 million in backing from a U.S. program that supported failed solar-panel maker Solyndra LLC, asked a judge to approve an auction of its assets.

At a hearing yesterday in Wilmington, Delaware, Beacon lawyer William Baldiga told U.S. Bankruptcy Judge Kevin Carey that to resolve a dispute with the U.S. Department of Energy over use of loan proceeds, the company would give the U.S. a lien on the assets and intellectual property. Justice Department attorney Matthew Troy said energy officials agreed with the plan.