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Preheat oven to 350°F.
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In a large bowl, using the high speed of an electric mixer, beat the sugar with the butter, until smooth, about 1 minute.
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Beat in the egg yolks, at medium speed, until the ingredients are fluffy and pale yellow, about 2-3 minutes.
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Pour in the beer, mixing to blend. Add the flour and the baking powder and mix thoroughly, about 1 minute.
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In a separate bowl, using clean beaters, beat the egg whites until stiff. Gently fold the beaten whites into the batter.
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Pour into a lightly greased and floured 10 inch tube pan and bake in the preheated oven until a wooden skewer comes out clean and the cake springs back when lightly pressed with your finger, about 50 minutes.
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Cool about 5 minutes before removing from the pan.