Posts of Mark Landry

Eos Energy Enterprises Announces ‘Project AMAZE,’ a $500M Program to Address Long-Duration Energy Storage Demand

Posted on August 31, 2023 at 8:10 pm.

U.S. Department of Energy issues conditional commitment for a loan to finance up to 80% of Project AMAZE – American Made Zinc Energy

Highlights:

Project AMAZE — American Made Zinc Energy, is a $500 million expansion program designed to scale annual production to 8 GWh storage capacity by 2026 to meet the demand for Long Duration Energy Storage (LDES).
The Department of Energy’s (DOE) Loan Programs Office (LPO) has issued an up to $398.6 million conditional commitment for a loan guarantee, which, if the loan is finalized, is expected to fund 80% of the expansion in Pennsylvania.
Eos’ American workforce, over 300 strong, is expected to grow to nearly one thousand green-collar careers upon the successful completion of Project AMAZE in 2026 — spurring economic growth in the Monongahela (Mon) Valley region and honoring a local history of industrial manufacturing that dates back to the founding of Westinghouse.
Project AMAZE would expand U.S. supply chain, which Eos believes features domestic sourcing sufficient to qualify for the Domestic Content Bonus awarded by the IRA’s Investment Tax Credit (ITC). Eos aims to move to 100% U.S-sourced material by 2026.
Eos recently announced a partnership with Wisconsin-based ACRO Automation Systems to design, develop, and implement its first state-of-the-art high-output manufacturing line.

Turtle Creek, PA August 31, 2023 – Eos Energy Enterprises, Inc. (NASDAQ: EOSE), a leading provider of safe, scalable, efficient, and sustainable zinc-powered long-duration stationary energy storage systems, today announced Project AMAZE —American Made Zinc Energy, a $500 million planned expansion and a significant milestone to build 8 GWh of clean energy storage production capacity.

Project AMAZE supports Eos’ strategy to address increased long-duration energy storage demand driven by the Inflation Reduction Act (IRA) implementation, using its Eos Z3™ energy storage system. The project secured an up to $398.6 million conditional commitment for a loan guarantee from the DOE LPO, the result of a rigorous and thorough due diligence process by the DOE that, if the loan is finalized, would fund 80% of Eos’ planned expansion.

In 2018, Eos brought its production and supply chain back to the United States from China, and the expanded facility would further build on Eos’ investment in American manufacturing with the increased production of its zinc-based energy storage systems. “Manufacturing has been in my family for generations”, stated Eos machine operator Bill Porter, “We’re making things that matter and this is what modern manufacturing looks like.”

The issuance of conditional commitment by the DOE was preceded by legal, technical and commercial due diligence by the LPO to evaluate the loan and the project’s potential to meet market demand and commercial and environmental benchmarks. While this conditional commitment demonstrates the Department’s intent to finance the project, several steps remain for the project to reach critical milestones, and certain technical, legal and financial conditions must be satisfied and diligenced to the satisfaction of DOE before the Department enters into definitive financing documents and funds the loan.

The Eos Z3™ battery contains predominately American components and is specifically designed for mass production and meeting low-cost, long-duration, grid-scale stationary energy storage needs. Domestic production better positions Eos to access the 45X advanced manufacturing direct pay tax credits available under the IRA. The Eos Z3™ battery is based on Eos’ 15-year history of developing the Znyth™ battery technology, which uses earth-abundant raw materials in its manufacturing and is intended to overcome many limitations in other stationary energy storage solutions.

“We are excited to formally announce Project AMAZE. The IRA implementation requires us to move with speed and urgency if the energy industry is going to meet the demand for long-duration energy storage,” said Joe Mastrangelo, CEO of Eos Energy Enterprises, Inc. “At such a crucial moment in our global energy transition, time is of the essence. On behalf of all Eos employees, we want to thank the LPO for giving us the opportunity to reach this important milestone. Project AMAZE should allow Eos to fully commercialize a safe American-made energy storage alternative aimed at creating a resilient, diversified lower carbon energy future.”

Eos believes that the secular shift in the energy mix requires an accelerated implementation of its capacity expansion plan to meet the increased demand for Eos Z3™ technology that is currently in semi-automated commercial production. Eos announced last week the selection of ACRO Automation Systems to partner in the design, development and implementation of up to four state-of-the-art high output manufacturing lines. ACRO is a recognized leader in high-speed, custom-designed automated manufacturing systems.

“We are putting in place all the elements that will allow us to build an efficient, optimized, state-of-the-art production facility at scale to deliver on a nearly 200 GWh market opportunity,” said Nathan Kroeker, Eos’ Chief Financial Officer. “We believe we can pair the conditional commitment from the DOE with private capital and state and local investment programs to meet our requirements.”

Project AMAZE can potentially foster economic growth and job creation, as it is expected to bring approximately 650 new green jobs to Pittsburgh once the facility successfully achieves full operational capacity. “Here in Pittsburgh, we’ve definitely always made things,” said Eos shift supervisor Brian Vason, “I did not go to college or have any special training, and these jobs provide opportunities that are good for the town and good for the future.” Eos is proud to partner with the Allegheny Conference on Community Development and its economic development affiliate, the Pittsburgh Regional Alliance, The Heinz Endowment, The Mon Metro Chamber of Commerce, University of Pittsburgh, Carnegie Mellon University, Partner4Work, Trade Institute of Pittsburgh, Woodland Hills School District, and Community College of Allegheny County to attract a strong local workforce and build green tech careers.

Eos recently concluded six workforce development listening sessions with communities surrounding its manufacturing facility in the Mon Valley. Eos has committed to a partnership with The Mon Metro Chamber of Commerce to develop new educational STEM programs that extend beyond the 8th grade and into high school. Eos will also seek avenues to support the replacement of blighted houses with affordable housing, and stabilization of the local electric grid, which currently suffers regular power outages during heavy rainfall.

“Eos energy storage systems symbolize American ingenuity. Invented with American minds, built with American hands, made with American equipment, using primarily American materials, I believe Eos will help power the future while creating green tech careers in the Mon Valley and across America,” said Mimi Walters, Eos Board Member and former Member of Congress.

About Eos Energy Enterprises

Eos Energy Enterprises is a leading provider of safe, scalable, and sustainable zinc-based battery storage systems. With a mission to deliver energy storage solutions that are efficient, reliable, and environmentally friendly, Eos is at the forefront of revolutionizing the global energy storage landscape. Eos’ pioneering technology offers a cost-effective and scalable alternative to other stationary storage systems, enabling a clean energy future with improved grid reliability and resilience.

Forward-Looking Statements / Disclaimer

This press release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to the Department of Energy Loan approval process, our ability to satisfy the conditions precedent for obtaining the loan guarantee from Department of Energy, ultimate approval and funding of the loan guarantee by the Department of Energy, the prospect and execution of Project AMAZE, including timing and related statements, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to secure final approval of a loan guarantee from the Department of Energy or the timing and final amount of any loan; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to secure financing to continue expansion; our ability to secure grants or other federal, state and local investment; our ability to secure satisfactory intercreditor arrangements or modifications with respect to our existing debt financings; our customer’s ability to secure project financing; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately, and to secure labor; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog and pipeline to revenue; the failure to sufficiently reduce manufacturing costs, potential delays in the launch of our Eos Z3 battery; inefficient implementation of the Inflation Reduction Act of 2022; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; risks associated with security breaches in our information technology systems; the risk of a government shutdown as Eos remains in due diligence on its loan application with the U.S. Department of Energy Loan Programs Office or while we await approval and funding of any loan guarantee; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions and other risks and uncertainties. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including Eos’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

U.S. Department of Energy Loan Programs Office Invites Eos Energy Enterprises, Inc. Into Due Diligence

Posted on September 13, 2022 at 8:10 pm.

Written by Mark Landry

Categories : Press release

Eos invited into full due diligence after completing Part II loan application process

September 13, 2022 12:42 ET

EDISON, N.J., Sept. 13, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has been invited to the due diligence stage of the U.S. Department of Energy’s (“DOE”) Title XVII Innovative Clean Energy Loan Guarantee Program under the Renewable Energy and Efficient Energy solicitation.

The DOE Loan Programs Office (“LPO”) invitation to Eos to enter into full due diligence represents an important progression in the LPO’s evaluation of Eos’ loan application. This stage includes LPO performing its due diligence of Eos’ project to expand manufacturing to support 3GWh of production capacity. During this stage, Eos and LPO will work to negotiate a Term Sheet setting out the principal terms and conditions of the loan. This work provides the LPO the foundation to advance the loan towards a Conditional Commitment. However, the DOE LPO’s invitation to due diligence is not an assurance that the DOE will offer Conditional Commitment or secure a loan to Eos under the DOE LPO.

As previously disclosed, Eos’ loan application is in support of the Company’s strategy to add domestic manufacturing capabilities for the production of its Znyth™ long-duration energy storage systems. Eos’ technology allows utilities, independent power producers, and grid operators including Independent System Operators, and Regional Transmission Operators to integrate intermittent renewable power generation more rapidly into the grid and will increase reliability, safety, and security of the nation’s electric power grid.

The Company’s orders backlog stands at $457 million as of the end of Q2, representing 1.9 GWh of storage expected to be delivered over the next several years. The market opportunity for alternative chemistry storage is growing due to increasing supply chain constraints for lithium-ion batteries. In addition, tax credits and other supportive policies in the recently passed Inflation Reduction Act legislation appear poised to supercharge the market for American clean tech companies and boosting domestic manufacturing investment. Eos’ opportunity pipeline is approximately 27 GWh with a potential value of $7 billion.

“We are very excited to be entering the full due diligence process with the LPO,” said Joe Mastrangelo, Chief Executive Officer of Eos. “Our potential partnership with the DOE would help Eos capture one of the fastest growing opportunities in the clean energy and energy transition sectors. Eos is at the forefront of establishing U.S. based manufacturing with a focus on developing a U.S. supply chain, which today is 80% American and is expected to reach 90% by year end.”

Eos employment has significantly grown over the past two years from 35 employees to 330 today in both Edison, New Jersey and Turtle Creek, Pennsylvania — areas that were central to the development of the last century’s power grid. As part of this effort, Eos developed a Clean Energy Careers program designed to make sure the Company has the workforce required in the Mon Valley as it scales manufacturing. The Company’s manufacturing workforce in Turtle Creek is 50% minority, 20% veteran and 20% women. The planned manufacturing expansion that would be funded by the DOE loan and other sources of capital would add an estimated 500 more clean energy careers and, according to an Allegheny Conference on Community Development study commissioned by Eos, would support 1,500 jobs in Southwestern Pennsylvania on a direct, indirect, and induced basis. The study also indicates that the planned expansion could contribute more than $392 million in regional economic output and over $169 million to Southwestern Pennsylvania’s gross regional product.

About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth^™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable — and manufactured in the U.S. — it’s the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our ability to secure a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to secure conditional commitment or final approval of a loan from the Department of Energy; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including Eos’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

Investors: ir@eose.com
Media: media@eose.com

RE+ 2022 Solar Power, Energy Storage & Clean Energy Conference

Posted on September 13, 2022 at 1:53 pm.

Written by Mark Landry

Categories : Event

RE+ brings the modern energy industry together to foster a cleaner future for all.
The largest and most comprehensive event in North America for the clean energy industry, RE+ is comprised of: Solar Power International (our flagship event), Energy Storage International, RE+ Power (including wind, hydrogen, and fuel cells), and RE+ Infrastructure (electric vehicles and microgrids) and brings together an extensive alliance of renewable energy leaders for multiple days of programming and networking opportunities.

Learn more about RE+ at https://www.re-plus.com/

Global Clean Energy Action Forum

Posted on September 9, 2022 at 8:15 pm.

Written by Mark Landry

Categories : Event

The first-ever Global Clean Energy Action Forum — a joint convening of the 13th Clean Energy Ministerial (CEM) and 7th Mission Innovation (MI) ministerial — along with partners in the private sector, academia, innovators, civil society, youth, and communities everywhere. The three-day event will feature a high-level plenary, topical roundtables with energy and science ministers from at least 30 countries, CEOs and experts, side events, this clean energy technology showcase, and other activities.

Learn more about the GCEAF at https://gceaf.org/

Eos Energy Enterprises Appoints Jeff Bornstein to Board of Directors

Posted on September 9, 2022 at 7:00 am.

Written by Mark Landry

Categories : Press release

September 09, 2022 07:00 ET

Bornstein brings over three decades of executive leadership experience, with significant focus on clean energy and global scale

EDISON, N.J., Sept. 09, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-powered energy storage systems, today announced that Jeff Bornstein, former Chief Financial Officer and Vice Chairman of GE and Managing Partner at Generation Capital Partners and Whipstick Ventures has joined the Eos Board of Directors as of September 7, 2022.

Bornstein is a longtime Eos champion and investor in Eos since 2019. Bornstein brings extensive experience advising clean energy companies through significant growth periods. In his 28 years at GE, Bornstein was instrumental in General Electric’s effort to focus on its industrial core and mentored professionals that lead GE today.

“It is an exciting time to welcome Jeff to the Eos Board. He joins Eos as we support America’s ambitious plan for a clean energy future,” said Russ Stidolph, Chairman of Eos. “Jeff is a tremendous asset to Eos, as we continue to innovate and scale in a rapidly expanding market both domestically and globally.”

Bornstein also held senior leadership positions at GE Aircraft Engines, GE Plastics and GE Capital. As a partner and investor with numerous firms in the battery, climate tech and energy transition industries, he brings a wealth of knowledge and insights to support Eos as they look to expand operations and capitalize on emerging opportunities.

“Eos’ mission to accelerate the transition to clean energy is more important than ever,” Bornstein said. “It’s an honor to be named to the Board as the organization takes part in the rebirth of American manufacturing by building products that can enhance and fortify the 21st century energy grid.”

About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth^™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it’s the core of our innovative systems that today provide utility, industrial, commercial, and residential customers with a proven, reliable energy storage alternative. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to secure financing to continue expansion; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately, and to secure labor; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including Eos’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

Investors: ir@eose.com
Media: media@eose.com

‘Landmark’ climate law turns up the power on Pa. solar, wind, hydropower energy projects

Posted on September 8, 2022 at 5:10 pm.

Written by Mark Landry

Categories : News

Green energy is bracing for growth.

The climate law signed by President Joe Biden in August is poised to drive a surge of investment in renewable energy as it extends and expands tax credits that have proven crucial to establishing clean energy on the grid.

Solar, wind, hydropower and energy storage industries are major beneficiaries of the Inflation Reduction Act, which analysts expect will cut U.S. greenhouse gas emissions 40% by 2030 from 2005 levels.

Advocates for an array of renewable energy industries in Pennsylvania agree that a key benefit of the climate law is the certainty it provides to project developers by broadening clean energy tax credits, increasing their maximum rates and extending them for a decade or more.

Greetings from Eos Ingenuity Park

Posted on September 8, 2022 at 12:49 pm.

Written by Mark Landry

Categories : News

Recently, we announced the expansion of our Eos Ingenuity Park manufacturing facility in Turtle Creek, PA, and last week we produced the first batteries in our expanded facility. This marks the first successful step in our $25 million capital investment to more than triple our production capacity by the end of 2022. Last week we also announced our largest customer order in Eos’s history, which brings our orders backlog to more than $200 million from less than $5 million two years ago. This is exciting.

I love sharing the story of the team behind these numbers. Our company vision quickly becomes a reality when you see the team in action. Today I’d like to virtually introduce some of the great people changing how the world will power its future.

When we moved into our current facility, it was being used to store excess and obsolete materials. In August 2019 we hired Turtle Creek employee number two, Brian Vason, who led the effort of cleaning out the building. After working through a variety of assignments over the past two years, Brian was recently named leader of the new battery manufacturing facility. I was on-site in Turtle Creek to see the first battery being built and Brian told me, “While it’s amazing to think how far we’ve come, it’s more exciting to think about what we will do in the future.”

While nothing is ever easy, the current global supply chain only made our challenge more difficult. Yet over the past six months, our team has increased factory output by more than 50 percent, with a 20 point first pass yield improvement. There was no “one big thing” that got us to this point and what I’ve learned is that “many little things” are required when you have a proverbial “blank sheet of paper.”

We started with the basics of good planning to establish our line rates, then used lean principles to increase capacity and Six Sigma methodologies to improve quality. We are a “Made in the USA” product and we’ve been able to grow in this environment because the majority of our supply base is within a day’s drive of our factory. More than suppliers, these are partners who have supported us as we evolved from a research and development company into an industrial operating company. There is a big team behind this effort, but three key individuals are leading our path forward: Aaron Payne (Planning), Partha Dey (Supplier Development), and Cole Patterson (Strategic Sourcing) are working to bring our U.S. supply base to 90 percent.

That transition was difficult. Rick Buchman, one our military veterans in Turtle Creek, started at Eos when we were still teaching ourselves how to build a battery. Rick’s motto is “follow the data,” and he uses that to become a pied piper, often telling me, “We need to engage the entire workforce because our best improvements come from ideas on the factory floor.”

Our investment is starting to deliver results. Two weeks ago during our Employee Town Hall, we recognized our battery test-fill-final assembly team (Rob Sudak, Rick Martchek, Cinnamon Jenkins, Finn Burns, Ray Shandorf, Brian Vason, Shadied Acie, and Alexandra Vantryfle) for increasing line output by 83 percent without any additional investment. Steve Laich, who leads production, always tells me, “This is one of the most engaged workforces I have seen in my 40-year career.” We now have multiple projects being executed on the shop floor: Reducing container assembly & test cycle time, improving battery first-pass yield, and one of our most exciting projects, training one operator to manage two infrared welding machines.

Infrared welding is one of our critical manufacturing processes and it has been a challenge for us to achieve consistent performance. Our lead process engineer Kevin Benson, along with Manufacturing Technician Matt Solada, have become domain experts in this space. In Kevin’s words, “Progress has accelerated on both commissioning and operating our welders. Every day we are getting better. When we face challenges, we don’t just go through them, we grow through them.”

Our ninth and 10th welders were recently installed in the new building and it took the team less than two weeks to produce quality batteries from these assets. More importantly, Robert Giles, our most experienced operator, has been front and center for integrating these machines into production and now running both simultaneously. When I went over to see the first battery, Robert told me, “The new facility is going to be great, and these new machines are fast. Can’t wait to get all the equipment in here and start full production.”

The new space has come to life and is focused on manufacturing batteries while our existing building integrates and tests containers prior to shipment. The expansion is being led by Steve Warthman and Corinne Blodgett. Corinne told me, “We are going live as we speak and every day there are new challenges to overcome, but we started planning for this last October. Going from an empty space to taped outlines on the floor to equipment in production is very satisfying to see as the vision becomes reality.”

We recently named Ashish Diwanji as our Global Supply Chain Leader, and as I tell everyone, “At the rate we are growing you are no longer new after your first day.” At the end of his second week, Ashish told me, “This is a once-in-a-career opportunity. We have a business poised for growth, and we need to build both our capacity and also our capabilities.”

I always leave our factory energized for the challenges that lie ahead and the opportunities that they create. I’m proud of this team; I’m proud of our technology; I’m proud to be in Turtle Creek.

Let’s charge forward!

Joe

Eos Energy Enterprises Reports Second Quarter 2022 Financial Results

Posted on August 2, 2022 at 8:28 pm.

Written by Mark Landry

Categories : Press release

Company delivers strong commercial growth, improved operational performance, and progress against commitments

August 02, 2022 06:00 ET

EDISON, N.J., Aug. 02, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced financial results for the second quarter ended June 30, 2022.

Second Quarter Highlights

$5.9 million in revenue, a 79 percent sequential increase and 28 percent higher compared to full year 2021 revenue.
Booked orders in second quarter of $257.5 million, almost 4x higher than first quarter; year-to-date booked orders now stands at $324.7 million.
Orders backlog more than doubled in the quarter to $457.3 million.
Accelerating commercial pipeline with current opportunities of approximately $7 billion.
Annualized manufacturing capacity as of June 30, 2022 of approximately 536 MWh, a 70 percent increase versus March 31, 2022.
Cost of goods sold of $36.9 million, relatively flat versus last quarter with a 66 percent increase in energy block shipments.
Second quarter ending energy block bill of material cost reduced by approximately 24% vs year-end 2021.
SG&A of $19.1 million, of which $3.2 million is non-cash.
Invested $5.5 million in R&D as the Company continues to design and develop Z3, a smaller, more powerful battery energy storage system.
Cash balance of $16.3 million as of June 30, 2022.

Recent Business Highlights

On August 1, 2022, the Company announced an $85 million senior secured term loan credit facility. The Company is permitted to make a one-time request for up to an additional $15 million, subject to lender consent.
On July 25, 2022, Congressman Frank Pallone, Jr., Chairman of the House Energy and Commerce Committee, attended the unveiling of the Eos Ingenuity Lab which will expand the Company’s R&D capacity as it designs future generations of its Znyth™ aqueous battery.
On June 30, 2022, signed two significant orders with Bridgelink Commodities, LLC and a leading Northeast solar developer totaling 1.1 GWh of energy storage capacity to be delivered over the next three years.
On June 24, 2022, surpassed 500 MWh of cumulative energy discharged from Eos battery energy storage systems.
On June 3, 2022, completed production of the 20,000^th Eos Znyth™ battery in Turtle Creek, PA.
On May 12, 2022, submitted Part II application for the U.S. Department of Energy’s (“DOE”) Renewable Energy and Efficient Energy Loan Program.

Eos Chief Executive Officer Joe Mastrangelo said, “Across the Company, the team continues to execute and deliver strong operating results consistent with our strategic plan. Our orders backlog has more than doubled, we achieved significant quarterly revenue growth, we surpassed a half gigawatt hour of production capacity, all while reducing product cost in a very challenging environment.”

Mastrangelo concluded, “The world needs clean energy and we expect Eos to play a critical role in the energy transition.”

Earnings Conference Call and Audio Webcast

Eos will host a conference call to discuss its second quarter 2022 financial results on August 2, 2022, at 8:30 a.m. ET. The conference call can be accessed live over the phone by dialing (877) 704-4453, or for international callers (201) 389-0920. The call will also be webcast live from Eos’s investor relations website at https://investors.eose.com.

The conference call replay will be available via webcast through Eos’s investor relations website. A telephone replay will be available from 11:30 a.m. ET on August 2, 2022, through August 9, 2022, by dialing (844) 512-2921 or for international callers (412) 317-6671. The replay passcode will be 13731532.

About Eos

Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S.—it’s the core of our innovative systems that today provide utility, industrial, commercial, and residential customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Contacts
Investors: ir@eose.com
Media: media@eose.com

Eos Energy Enterprises, Inc. Secures $85 million Term Loan Credit Facility to Fund Growth

Posted on August 1, 2022 at 8:38 pm.

Written by Mark Landry

Categories : Press release

Company permitted to make request for additional $15 million, subject to conditions

August 01, 2022 07:00 ET

EDISON, N.J., Aug. 01, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has closed an $85 million senior secured term loan facility with Atlas Credit Partners (“ACP”).

“We are excited to partner with ACP on this transaction which increases our financial flexibility,” said Joe Mastrangelo, Chief Executive Officer of Eos. “This capital allows us to fast-track our manufacturing capacity expansion to accelerate the shift to clean energy and to deliver against our $460 million orders backlog.”

The growth of the Company’s orders backlog, which now stands at 1.9 GWh, is being driven in part by the recognition from customers of the simplicity and flexibility of Eos’ energy storage systems that are made in the USA.

“It is an honor and privilege to partner with Eos,” said Drew Mallozzi, Managing Partner of ACP. “The Company has a proven technology with a strong management team and is building a capital efficient and scalable manufacturing model that ACP believes is poised to capture one of the largest secular growth opportunities that we have identified in the energy industry.”

After closing costs and other expenses, the funding will provide capital for the Company’s continued manufacturing capacity expansion, development of next generation energy storage systems and services, and for general corporate purposes. The financing consists of a four-year, non-amortizing term loan that bears interest at a variable rate of SOFR plus 8.5%. The Credit Agreement also permits the Company to make a one-time request for an additional commitment of up to $15 million, subject to lender consent.

About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable — and manufactured in the U.S. — it’s the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

About Atlas Credit Partners
Atlas Credit Partners is a Houston, Texas based investment firm focused on credit oriented capital solutions in partnership with management teams.

Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our anticipated use of proceeds from the senior secured term loan facility, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including Eos’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

Investors: ir@eose.com
Media: media@eose.com