Stevens alumnus and veteran energy industry executive, Stephen P. Adik, elected to Board of Beacon Power Corp.
HOBOKEN, N.J. — Beacon Power Corporation, a development stage company that designs, develops, configures and offers for sale, sustainable energy storage and power conversion systems that provide highly reliable uninterruptible electric power, has announced that Stephen P. Adik, a 20-year veteran of the energy industry and a 1964 graduate of Stevens Institute of Technology, has been elected to Beacon’s Board of Directors.
Mr. Adik served as vice chairman at NiSource Inc., a Fortune 500 electric, natural gas and pipeline company, from December 2000 until his retirement in December 2003. He joined NiSource in 1987 as vice president and general manager, Corporate Support Group, and later held positions of senior executive vice president, chief financial officer and treasurer. At NiSource, he helped grow the company’s market capitalization from $600 million to the current value of approximately $5.6 billion. Before joining the energy industry in 1983, Mr. Adik also had more than 20 years of operating and financial experience in the transportation industry.
“ I am pleased to join Beacon’s board at this important time,” said Mr. Adik. “I am convinced that the company’s pioneering flywheel-based energy storage technology can contribute to ensuring electricity grid reliability, and I look forward to helping Beacon capitalize on its opportunities within the energy industry.”
Mr. Adik's industry affiliations have included the American Gas Association, Edison Electric Institute and the Midwest Gas Association. He is currently a member of the boards of NiSource, Inc., and the Chicago SouthShore and South Bend Railroad. He was also recently nominated to the board of North Western Corp, an electric and natural gas company serving Montana, South Dakota and Nebraska. He holds a degree in Mechanical Engineering (1964) from Stevens Institute of Technology, and a M.B.A. degree in finance from Northwestern University.
About Beacon Power Corporation
Beacon Power Corporation 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. Beacon's latest product is the Smart Power
M5, an “all-in-one” power conversion system
incorporating multiple high-performance components
that delivers instantaneous power in the event of a
grid outage. Beacon is also known for its advanced
flywheel-based Smart Energy systems, designed to provide
reliable, environmentally friendly power quality solutions
for electric utility transmission and distribution
and other applications.
About Stevens Institute of Technology
Founded in 1870, Stevens Institute of Technology is one of the leading technological universities in the world dedicated to learning and research. Through its broad-based curricula, nurturing of creative inventiveness, and cross disciplinary research, the Institute is at the forefront of global challenges in engineering, science, and technology management. Partnerships and collaboration between, and among, business, industry, government and other universities contribute to the enriched environment of the Institute. A new model for technology commercialization in academe, known as Technogenesis®, involves external partners in launching business enterprises to create broad opportunities and shared value.
Stevens offers baccalaureates, master’s and doctoral degrees in engineering, science, computer science and management, in addition to a baccalaureate degree in the humanities and liberal arts, and in business and technology. The university has a total enrollment of 2,150 undergraduate and 3,500 graduate students, with about 250 full-time faculty. Stevens’ graduate programs have attracted international participation from China, India, Southeast Asia, Europe and Latin America. Additional information may be obtained from its web page at www.stevens.edu.
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