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Eos Energy Enterprises Inc. Establishes “Eos Ingenuity Lab” at Edison, NJ Headquarters

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Categories : Press release

Facility to function as an R&D hub as Eos accelerates innovation in energy storage; Congressman Frank Pallone, Jr., Chairman of the House Energy and Commerce Committee, to attend ribbon cutting ceremony

EDISON, N.J., July 22, 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 the dedication of the “Eos Ingenuity Lab,” a site focused on expanding the Company’s R&D capacity as it designs future generations of its Znyth™ aqueous battery and forges a path toward rapid manufacturing and deployment of its energy storage systems. Located at Eos’ corporate headquarters in Edison, NJ, the Eos Ingenuity Lab provides the space and resources to continue evolving Eos’ safe, flexible zinc battery technology as part of the Company’s mission to accelerate the shift to clean energy.

“The launch of the Ingenuity Lab underscores our commitment to building the energy storage solutions of the future,” said Joe Mastrangelo, Chief Executive Officer of Eos. “We have always prioritized innovation and continuous improvement as part of our company identity, but to have a designated site where this can be fostered will help accelerate adoption of energy storage and its critical role in the renewable energy transition.”

Congressman Frank Pallone, Jr. of New Jersey, will make his second visit to Eos’ Edison facility for the unveiling of the Eos Ingenuity Lab on July 25. Eos has pledged to add as many as 25 jobs to the 6th district of New Jersey and foster partnerships with educational institutions and local leaders to support economic growth and clean energy innovation within the community.

A focus of the Lab will be to refine and optimize Eos’ current technology while creating prototypes for future designs that can be tested under a variety of conditions. The current model has a wide operability range from 3 to 12 hour discharge durations. Development and testing of new modular containers to transport and house the batteries as well as advanced manufacturing processes will also be studied.

Customers and partners are encouraged to contact Eos if interested in scheduling a tour of the Edison “Eos Ingenuity Lab” or its manufacturing plant in Turtle Creek, PA outside Pittsburgh. The unveiling of the Eos Ingenuity Lab on July 25, 2022 will take place at 1:30 p.m. ET and be open to the press.

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 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; our ability to source and secure labor; 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

Eos Energy Enterprises, Inc. Secures Over 1 GWh in New Orders, More Than Doubles Backlog to Over $460 Million

Written by

Categories : Press release

The battery storage manufacturer is on pace to exceed $400 million of net new orders this year

 

EDISON, N.J., July 06, 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 the signing of two significant orders with Bridgelink Commodities, LLC (“Bridgelink”) and a leading Northeast solar developer totaling 1.1 GWh of energy storage capacity to be delivered over the next three years.

Bridgelink increased its multi-year master supply agreement (“MSA”) to 1 GWh for deliveries over the next three years with an incremental order value of $181 million for new project installations. In addition, Eos will manufacture a separate 40MWh order valued at $13 million for fourth quarter 2022 delivery.

“We’ve built a strong working relationship with Eos and are proud to bring American-made technology to the ERCOT market in Texas,” said Bull Flaherty, Managing Director at Bridgelink. “Eos’ technology allows us the flexibility to meet the growing demand profile of ERCOT and bring more power to US consumers when needed.”

Additionally, a 300 MWh MSA was signed with a leading Northeast solar developer for front of the meter stand-alone storage and solar plus storage applications that provide energy shifting and ancillary services with deliveries forecasted over the next three years.

Eos Znyth™ battery technology can be used for front-of-meter grid installations and behind-the-meter industrial applications among other use cases. The zinc-powered batteries can be deployed as both standalone storage and paired with renewables on the electric grid in addition to being used in commercial & industrial facilities.

“Over the past six months our opportunity pipeline increased to more than 20GWh, and we are excited to start seeing those opportunities convert into orders,” said Joe Mastrangelo, CEO of Eos. “These orders fit perfectly with our ongoing manufacturing capacity expansion which we began late last year. Growing our relationship with customers like Bridgelink demonstrates how our flexible technology allows our customers to serve a variety of use cases.”

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

Eos Energy Enterprises, Inc. Continues to Achieve Manufacturing and Operational Milestones

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Categories : Uncategorized

Company has produced more than 20,000 batteries and shipped over 100 Energy Block storage systems from its Pittsburgh area manufacturing facility; installation has commenced on largest project to date.

 

EDISON, N.J., June 23, 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 remains on pace to triple production capacity to 800 MWh by the end of the year, has recently achieved several significant manufacturing milestones, and installation has begun on the largest energy storage project the Company has delivered to date.

In April, Eos shipped its 100th Energy Block energy storage system followed by completing production of the 20,000th battery module in early June at the Company’s Turtle Creek, Pennsylvania manufacturing facility. These milestones were accomplished in large part due to incremental production yield increases for three consecutive quarters culminating with crossing the 90% throughput yield threshold in early May.

“What the production team has managed to accomplish in a relatively short amount of time is nothing short of amazing,” said Joe Mastrangelo, CEO of Eos. “Even with the current challenges everyone is facing in terms of supply chain constraints, we’ve managed to keep our manufacturing capacity expansion on plan and to deliver orders to customers.”

This month, installation began on a 72 MWh Eos Znyth™ zinc-powered energy storage system at a 102 MW solar + storage facility in South Carolina. The site will house Eos’ largest system delivered to date and provide clean power to residents and businesses in the region.

These milestones follow substantial progress on the organization’s manufacturing facility expansion, which has increased square footage from 60,000 to almost 110,000. The capacity expansion will allow Eos to fill its $212 million orders in backlog as demand for long duration energy storage increases among utilities, commercial and industrial customers throughout the U.S. and abroad.

The Company will have created 200 clean energy jobs by year end for the Mon Valley area of Pennsylvania, a region that has traditionally been dedicated to steel production. In a study commissioned by the Company, the Pennsylvania Economy League of Greater Pittsburgh determined that Eos’ Turtle Creek facility generates $84 million in economic output and contributes $36 million in value add to the Gross Regional Product of Southwestern Pennsylvania.

Mastrangelo concluded, “We are proud to create jobs in a community that needs them and even more proud of the dedication and engagement this workforce brings. The men and women of Eos are excited to be directly responsible for accelerating the shift to clean energy.”

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.

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

B. Riley Principal Merger Corp. II and Eos Energy Storage Complete Business Combination; Combined Company Renamed “Eos Energy Enterprises, Inc.”

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Categories : News

Common Stock and Warrants to Trade on The Nasdaq Capital Market under the Ticker Symbols “EOSE” and “EOSEW”, respectively, Commencing on November 17, 2020

 

NEW YORK & EDISON, N.J. B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BMRG”), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley Financial”), and Eos Energy Storage, LLC, a leading manufacturer of safe, reliable, low-cost zinc battery storage systems, today announced the completion of their previously announced business combination. The business combination has a projected pro forma market capitalization of approximately $500 million.

Upon completion of the business combination, the combined company was renamed Eos Energy Enterprises, Inc. (“Eos” or the “Company”). Beginning November 17, 2020, the Company’s shares of common stock and warrants will begin trading on The Nasdaq Capital Market under the new ticker symbols “EOSE” and “EOSEW”, respectively.

Eos’s executive management team will continue to be led by Joe Mastrangelo, who will serve as the Company’s Chief Executive Officer, and Sagar Kurada, who will serve as the Company’s Chief Financial Officer. The Company’s board of directors will be comprised of Joe Mastrangelo, Russell Stidolph, chairman of the board since 2018, Dan Shribman, B. Riley Financial’s Chief Investment Officer and BMRG’s former Chief Executive Officer, Alex Dimitrief, former President and Chief Executive Officer of General Electric’s Global Growth Organization, Dr. Krishna Singh, founder of Holtec International, Marian “Mimi” Walters, Chief Commercial Officer for Leading Edge Power Solutions, LLC and Audrey Zibelman, Chief Executive Officer at the Australian Energy Market Operator.

“This milestone is the culmination of more than a decade of commitment to addressing the world’s energy storage challenges,” said Mr. Mastrangelo. “We have a proven, safe and sustainable storage solution that’s ready to help accelerate and scale the clean energy transition. We are grateful to the B. Riley team for their partnership and support over these last few months and we look forward to sharing our progress with our shareholders as we continue to execute on our growth strategy.”

“In Eos we found an ideal partner to complete this business combination,” said Mr. Shribman. “The market opportunity for Eos is extremely promising. They are a mission-driven organization focused on accelerating clean energy adoption, and importantly, they have the technology to make this happen. We wouldn’t have been able to close this transaction so quickly without the tireless work of the entire Eos team as well as the continued support of our financial partners and shareholders. We’re proud to be a strategic partner as Eos looks toward a bright future ahead.”

B. Riley Securities, Inc. served as capital markets advisor to BMRG. White & Case LLP acted as BMRG’s legal advisor. Guggenheim Partners served as capital markets advisor to Eos in connection with the business combination. Evercore acted as financial advisor to Eos. Morrison Cohen LLP acted as legal advisor to Eos. KPMG served as the Company’s public company readiness advisor. Deloitte served as the Company’s auditor.

About Eos Energy Enterprises, Inc.

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.

About B. Riley Principal Merger Corp. II

BMRG was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. 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. Forward-looking statements may include, for example, statements about: the benefits of the business combination; the future financial performance of the Company; the Company’s plans for expansion and acquisitions; and changes in the Company’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the parties’ views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against the Company relating to the business combination and related transactions; (2) the ability to maintain the listing of the Company’s shares of common stock on NASDAQ following the business combination; (3) the risk that the business combination or the acquisitions disrupt the Company’s current plans and operations as a result of the consummation of the transactions described herein; (4) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, (5) the ability of the Company’s business to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in the Prospectus included as part of Amendment No. 1 to the Registration Statement on Form S-1 filed by BMRG with the Securities and Exchange Commission (“SEC”) on November 13, 2020, Registration No. 333-333-249713, including those under the heading “Risk Factors” therein, and other factors identified in BMRG’s prior SEC filings and the Company’s future filings with the SEC, available at www.sec.gov.