Another energy company that received a U.S. Department of Energy loan guarantee has filed for bankruptcy protection, but unlike failed solar panel manufacturer Solyndra, it seeks to continue operations.

Beacon Power Corp. of Tyngsboro, Mass., which makes flywheel energy storage systems used to keep power frequency steady on electrical grids, received a $43 million DOE loan guarantee in August 2010. It filed for Chapter 11 protection Sunday, listing assets of $72 million and debts of $47 million.

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On Monday, as news of Beacon's bankruptcy spread, Wisconsin GOP Rep. Jim Sensenbrenner, vice chair of the U.S. House Committee on Science, announced that he plans to introduce legislation to require independent audits of all DOE loan guarantees. The Obama administration has ordered an independent review of the guarantees.

Beacon said its long-term financial prospects are strong, but the capital intensive costs of building its business contributed to operating losses. "In addition, the current economic and political climate, the financing terms mandated by DOE, and Beacon's recent delisting notice from Nasdaq have together severely restricted Beacon's access to additional investments through the equity markets," CEO F. William Capp said in an affidavit accompanying the bankruptcy petition.

Beacon has drawn $39.1 million from DOE loan guarantee for construction and operation of a frequency regulation facility in Stephentown, N.Y. For a similar facility in Hazle Township, Pa., it received $24 million in other federal stimulus funding in 2009.

DOE spokesman Damien LaVera said that Beacon is different from Solyndra Inc., a California solar company that received a half-billion-dollar DOE loan guarantee before filing for bankruptcy protection in August. He said Beacon is seeking to reorganize and continue operations at its Stephentown plant. He said DOE, unlike the restructured Solyndra loan, has a first priority lien on Beacon's facility.

"It is important to note that this plant itself, which is operational and generating revenue, is a valuable collateral asset," LaVera said in a statment. "Because the plant is nearly completed and under budget, $4 million of the loan guarantee amount has yet not been tapped by the company. Finally, this loan is the only senior, secured lender of the Stephentown project company, which owns the plant."

DOE has issued $35.9 billion in loan guarantees to 38 projects nationwide, one-third of which were finalized in September 2011, the last month of the program.

Another recipient, Fisker Automative, which received a $528 million loan guarantee in April 2010, has missed early manufacturing goals and has gradually pushed back plans for U.S. production and the creation of thousands of jobs, according to The Washington Post.

DOE's loan program has come under heavy criticism, as the FBI and congressional Republicans investigate Solyndra. President Obama has defended the program, saying there's some risk in funding renewable energy start-ups.

"The loan guarantee program should never have become the Obama administration's piggy bank for pet causes and campaign donors," Sensenbrenner said in announcing his legislation.

Contributing: Associated Press