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Eos Energy Enterprises Secures Milestone 300MWh Order from Solar EPC Firm Blue Ridge Power

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Categories : Press release

EDISON, N.J., Nov. 10, 2021 (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 secured its largest customer order to date—a commitment by Blue Ridge Power, a leading solar engineering, procurement and construction (EPC) firm, to purchase 300MWh of energy storage systems over the next two years.   Installation is scheduled to begin in summer 2022 at a site owned by developer Pine Gate Renewables. Eos will supply its zinc powered Znyth® technology for multiple projects in 2022 and 2023.

As a leading manufacturer of long duration (3-12 hour) energy storage solutions, Eos manages the variability of renewable energy sources by providing reliable power to applications across the energy value chain, including utilities, and industrial and commercial sites. Its Znyth battery is designed to provide continuous power upon installation and is projected to have a useful life of 20 years. Developed in Edison, NJ and constructed of non-rare earth materials, Zynth batteries are proven safe across a wide range of operating conditions and are 100% recycleable at the end of life.

“We are thrilled to partner with Blue Ridge Power on this historic project to bring more energy storage to the U.S., where we are creating jobs and increasing manufacturing capacity,” said Joe Mastrangelo, Chief Executive Officer of Eos. “We have a proven technology that is both scalable and bankable and look forward to using this project as a paradigm for other independent power producers and developers to follow suit.”

Chief Commercial Officer Balki Iyer added, “This win is the result of an effective and productive relationship that we cultivated with Pine Gate and Blue Ridge Power over time. They are true pioneers in the energy storage market who see the financial value, lifecycle benefits and social impact that Eos’ sustainable battery technology offers for the stationary storage industry and we are thankful for their confidence in Eos.”

“With this agreement, we’re committing to more than just a high quality and innovative storage solution,” said Chris Dunbar, Chief Executive Officer of Blue Ridge Power. “We’re committing to a product that supports the growth of American jobs, American manufacturing and provides an important domestic source for high-quality storage. This is a win for everyone.”

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 Blue Ridge Power
Blue Ridge Power is a full-service EPC company for renewable energy projects across the United States. The company brings integrated engineering, a qualified professional labor force and an expansive fleet of equipment to serve the needs of clients looking for a turnkey solution for solar and solar + storage projects. Blue Ridge Power currently oversees more than 1 GW of operational assets and has 700 MW under construction, with 2,500 MW in the pipeline for construction in 2021-2022. For more information, visit blueridgepower.com.

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 future financial performance of Eos; Eos’s plans for expansion and acquisitions; and changes in Eos’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 Eos 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 Eos; (2) the ability to maintain the listing of Eos’s shares of common stock on NASDAQ; (3) the ability of Eos’s business to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (4) changes in applicable laws or regulations; (5) the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; and (6) other risks and uncertainties indicated from time to time, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31,2020 filed on February 26, 2021, and other factors identified in Eos’s prior and future SEC filings with the SEC, available at www.sec.gov.

Big dreams for big batteries: Pennsylvania looks to jolt energy storage development

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Categories : News

Big batteries have arrived in Pennsylvania — if not in physical form yet, then in the growing number of efforts to bring them here.

 

In late September, the state Department of Environmental Protection virtually assembled representatives from 85 companies and organizations for its first ever meeting of the Pennsylvania Energy Storage Consortium. Holding the forum was one of the recommendations in a report commissioned by the DEP on how to determine if energy storage can be used to solve environmental issues and bolster grid reliability.

 

Even without the gathering, the pipeline of projects seeking to put large-scale energy storage on the grid in Pennsylvania — and across the nation — is robust.

 

The U.S. Energy Information Administration wrote in August that over the next dozen years, 10 gigawatts of new utility-scale battery storage will be added to the grid. That’s 10 times what was on the ground in 2019.

 

“We expect the relationship between solar energy and battery storage to change in the United States over the next three years because most planned upcoming projects will be co-located with generation, in particular with solar facilities,” EIA analysts wrote.

 

Look no further than Brunot Island on the Ohio River for a case in point.

 

A developer has proposed installing a 20-megawatt solar array and a 40-MW battery storage facility near GenOn’s natural gas power plant there. For comparison, there are only 50 megawatts Pennsylvania storage on the grid today.

 

LS Power, a New York-based investor and operator, has put hundreds of megawatts of storage in the PJM Interconnection queue — a first step for developers to figure out how their projects would fit into the grid used to power homes and businesses. It is behind a 290 megawatt storage facility proposal in Elk County, according to data from the New York grid operator.

 

PJM’s queue doesn’t name the developers proposing projects, so it’s not clear who is proposing to put storage assets at the various natural gas power plants that LS Power has accumulated in Pennsylvania over the past several years, including in Springdale, Allegheny County; Shelocta, in Armstrong County; and Gans at Fayette. LS Power did not return calls from the Post-Gazette.

 

The company already operates what is considered to be the largest battery installation in the U.S. in California, a 250-megawatt facility that became operational in August 2020. It plans to build a 316-megawatt battery storage facility at one of its natural gas power plants in Queens.

 

Supply chain

 

Energy storage is an umbrella term that includes anything from pumped hydro to the batteries in your car. It can be fast discharge or slow, long duration or short, thermal, electrical, chemical, physical — you name it.

 

One participant in the DEP consortium suggested that repurposing abandoned oil wells for geothermal development could fit under the umbrella, although much of the discussion was about large batteries — the kind that could be invented, manufactured or installed in Pennsylvania.

 

With supply chain issues top of mind, the argument was made that as the energy storage industry grows, Pennsylvania would make fertile soil for its seeds and its flowers.

 

Some of it is already here.

 

Pittsburgh-based coatings giant PPG sells a thermal coating for automotive batteries and is researching a manufacturing process for electrodes for lithium ion batteries. Eaton Corp. builds electrical components. Mitsubishi Electric Power Products Inc,  in Warrendale, makes large energy storage systems.

 

Form Energy, a Massachusetts-based battery company co-founded by Aquion Energy alumnus Ted Wiley, is setting up a facility in Eighty Four.

 

It has developed an iron air battery capable of storing days worth of energy. One of its investors is the steel giant ArcelorMittal, which will produce the iron.

 

As happened with solar and wind, and oil and gas before, and coal before that, battery advocates are leaning heavily on the idea of energy independence underpinned by an American manufacturing base.

 

All but one of the suppliers to EOS Energy Enterprises’ zinc battery factory in Turtle Creek are within a three-hour drive, CEO Joe Mastrangelo boasted during a virtual panel on energy storage last week.

 

“This is critical for us,” he said, linking both the reliability of the supply chain and the grid to national security.

 

EOS, which now has 108 workers churning out batteries from a space inside the former Westinghouse campus and 32 open positions, will need a few hundred more at full capacity, Mr. Mastrangelo said.

 

“Having incentives to buy in America will help,” he said.

 

For now, one of the biggest incentives to ramp up energy storage is in the contentious federal budget bill. It’s a 10-year investment tax credit for stand-alone storage projects that covers 30% of the cost of the project.

 

Similar tax credits have been used to ramp up wind and solar development. State quotas for utilities to buy a certain portion of their generation from solar and other alternative energy fuels also moved the needle, and the DEP-assembled stakeholders asked that a similar mechanism should be considered for energy storage.

 

Many things to many people

 

Storage can function like energy generation, akin to a power plant, or as energy regulation, smoothing out the frequency delivered to electric equipment. It can fill in gaps left by renewable power sources or be used in price arbitrage — charging up on cheap power at off peak hours and discharging during the peak.

 

It’s a concept that wears many hats and, therefore, has attracted the attention of many regulators.

 

The Pennsylvania Public Utility Commission — which regulates how rates are set for utility customers — took up the issue of utility energy storage last year when it posed a series of “how” questions and invited comments.

 

The PUC wanted to know whether storage belongs in the distribution architecture of a regulated utility and, if so, who should pay for it and how.

 

The comment period has been extended several times now and is scheduled to end on Nov. 29.

 

Valley Forge-based PJM Interconnection, the nonprofit grid operator for 13 states, including Pennsylvania, recently wrestled with how to categorize energy storage in the transmission system.

 

The DEP consortium agreed that all these agencies need to be brought in on whatever strategy Pennsylvania settles on to give energy storage a jolt here. The group’s next meeting is on Dec. 7.

Balki Iyer: storage is today’s frontier

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Categories : News

Storage is one of the challenges in the energy transition. Balki Iyer, chief commercial officer of Eos Energy Storage, tells us how Eos’s zinc batteries are “work horses” that are fully recyclable and provide energy storage in any climate.

Eos Energy Enterprises Announces $25 Million Equipment Financing Agreement with Trinity Capital Inc.

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Categories : Press release

Agreement expected to enhance manufacturing operations and further scale production

EDISON, N.J., Oct. 05, 2021 (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 HI-POWER LLC, a wholly owned subsidiary of Eos, has entered into a $25 million equipment financing agreement with Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”), a leading provider of debt and equipment financing to growth stage companies. The funds will be used to acquire equipment that will expand production of Eos’s proprietary aqueous Znyth® batteries.

Located in close proximity to more than 80% of Eos’s suppliers, the Pittsburgh, PA based manufacturing facility produces long duration (3-12 hour) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial sites.

“Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy,” said Sagar C. Kurada, Chief Financial Officer of Eos. “As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our customer commitment and orders backlog, and improve our delivery lead times.”

Sagar continued, “We would like to thank Trinity for serving as our financing partner and helping further position Eos for growth as demand for long duration clean energy storage continues well into the future.”

“We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth® technology,” said Ryan Little, Managing Director of Trinity Capital. “We see a massive opportunity ahead for Eos and their innovative and sustainable design is clearly poised to transform multiple verticals.”

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 providing 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.

Contact
Investors/Media
Laura Ellis
ir@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; 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.

Eos Energy Enterprises Appoints Chief Technology Officer

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Categories : Press release

Carlos Restrepo to lead Research, Development and Engineering Functions

EDISON, N.J., Sept. 22, 2021 (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 Carlos Restrepo has been named Chief Technology Officer. In this role, he will provide strategic direction over Eos’ proprietary technology and its alignment with overall business goals and customer needs.

“Carlos will be instrumental to the development of our technology as demand for energy storage continues to grow and new applications are identified,” said Joe Mastrangelo, CEO of Eos. “We are confident that his versatile engineering background, business acumen and energy experience will position him to be a key leader within our company and the industry more broadly.”

Throughout his nearly 20-year career in energy, Restrepo developed numerous electrical products and holds more than 30 patents involving electrical engineering innovations. Restrepo joins Eos after seven years at sonnen Inc., a global market leader in smart residential energy storage systems, where he served as Chief Technology Officer and Managing Director. Prior to this, he was responsible for the U.S. R&D program at Sputnik Engineering, a manufacturer of grid connected solar inverters. He also held various roles at Siemens Energy and Automation, where he managed a development team composed of engineers, technicians, designers and development consultants.

Restrepo has served on the Board of Directors for multiple organizations including the Georgia Solar Energy Association and Smart Electric Power Alliance. He holds Bachelor’s and Master’s degrees in electrical engineering from Georgia Institute of Technology and has completed executive education courses at Harvard University and Emory University.

“I look forward to working with the Eos team to harness the power of the company’s breakthrough technology and accelerate the product roadmap to meet the strong market demand,” Restrepo said. “As the world shifts to renewables, long duration clean energy storage will play a critical role and Eos is incredibly well-positioned to serve this growing market.”

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 providing 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.

Contact
Investors/Media
Laura Ellis
ir@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; 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.

Eos Energy Enterprises Appoints Claude Demby to Board of Directors

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Categories : Press release

Demby brings 20 years of executive leadership experience in global manufacturing and technology

EDISON, N.J., Sept. 01, 2021 (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 the appointment of Claude Demby to the Board of Directors, effective August 27, 2021.

Currently President of Cree LED, a SMART Global Holdings, Inc. lighting innovation company, Demby has extensive executive leadership experience holding senior roles within the automotive, aerospace and materials technology industries. Prior to joining Cree LED, Demby served as CEO and Director of the Noël Group, a global manufacturer of synthetic foam materials, and President and COO of L&L Products. He began his career in engineering roles with Procter & Gamble and GE Plastics.

“We are thrilled to welcome Claude to our Board during this exciting time of growth and innovation at Eos,” said Russ Stidolph, Chairman of Eos. “As we seek new ways to further streamline our supply chain and manufacturing process, I believe Claude’s global manufacturing experience will bring valuable insight and perspective that will strengthen our product and our company.”

Demby has extensive Board experience, as he currently serves as Chair of the Nominating and Governance Committees and Board Director of Brown Capital Management Mutual Fund Trust. He is also a Board Director and Chair of the Nominating and Governance Committees of Piedmont Lithium Inc., a clean energy company, and previously served as a Board Director of the Federal Reserve Bank of Richmond’s Charlotte branch, including as Chairman from 2012 to 2017.

“The transition to clean energy is accelerating at a rapid pace and energy storage will play a crucial role,” Demby said. “I look forward to working with the leadership team and my fellow Board members at Eos to contribute to this important work, which will allow clean energy storage to be readily available around the globe.”

In addition to his professional experience and corporate board service, Demby has a strong record of community service through his founding and running of Valour Academy Schools, Inc., in Raleigh, NC, and serving as an advisory Board member of Duke Raleigh Hospital. He received an MBA from Rensselaer Polytechnic Institute and a Bachelor of Science degree in Chemical Engineering from the University of Delaware.

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 providing 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 Media
Laura Ellis James McCusker
ir@eose.com media@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; 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.

Eos CEO Joe Mastrangelo Featured on Energy Cast Podcast

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Categories : News

Zinc oxide batteries have been powering our lives for years. However, anyone who has ever tried to re-charge them knows that it doesn’t work for long.

As we discussed in Episode 56, zinc batteries will form spiky microscopic dendrites, which will eventually puncture the membrane, touch the cathode and short out the cell.

Eos, an Edison, NJ-based battery developer, has invented a solution to keep these spikes at bay. Whereas my previous guest had demonstrated a “zinc sponge,” Eos describes a multi-stage approach, based on:

  1. Composition of electrolyte
  2. How chemistry works with cathode
  3. Chosen a depth-of-pool in cell modules eliminates the need for a membrane or separator to drive the chemical reaction
  4. Zinc-plating process and additives create a much smoother zinc plating

Joe Mastrangelo, CEO at Eos, says their technology has an advantage over market-dominant Lithium-ion batteries on two fronts, duration and materials. Whereas lithium-ion batteries can have supply chains wrapping around the world, Joe says Eos set out to base their design on five, “earth abundant, conflict-free” materials—Titanium, Graphitized felt, Zinc, Bromine, and Plastic. They also found suppliers for these materials who serve industries outside the energy sector.

“We’re a very insignificant portion of the overall use of those raw materials when you look at the other applications where those materials are used,” he says.

Regarding duration, Joe says Eos’ batteries were specifically designed for long-term, stationary storage.

“When you start looking beyond six hours, you see some of the weaknesses in the lithium systems,” he says. “There are companies like us developing technologies that can go beyond four hours.”

I asked about customer hesitancy to switch from lithium-ion batteries with the technology already so entrenched in the industry. Joe says the duration advantage has been a strong selling point. For large customers, he says they’ve worked to be “agnostic to the energy management system that our customers use.”

He adds, “As a new entrant to the market, you’re not going to be able to walk into a large utility and say, ‘We have to re-train your workforce.’”

It’s Eos’ smaller customers where most of their growth has been to date. Joe adds that these customers also prefer a more turnkey solution than larger customers like utilities. He believes Eos’ inherent advantages will eventually win over that market as well.

“What I knew from my prior career [at GE] was that this was one of these generational secular shifts in the industry that if you can bring the right product to market, you can capture a large demand curve,” he says. “We are truly pioneering something here.”

Eos Energy Hosts U.S. Secretary of Energy, Jennifer Granholm and Congressman Frank Pallone for Tour of Battery Facility, DOE Announcement on Long-Duration Energy Storage Earthshot Initiative

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Categories : Press release

EDISON, N.J., July 14, 2021 (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 it hosted Department of Energy (DOE) Secretary Jennifer M. Granholm and Congressman Frank Pallone, Jr., Chairman of the House Energy and Commerce Committee at its Edison, NJ headquarters to exhibit how its performance- and price-competitive energy storage technology is accelerating the shift to clean energy in the U.S.

Secretary Granholm and Congressman Pallone outlined policy priorities for Congress and the Biden Administration towards grid efficiency, net-zero emissions and the importance of energy storage technologies. This included Secretary Granholm’s announcement of the second target for DOE’s Energy Earthshot Initiative, with a new goal to reduce the cost of grid-scale, long-duration energy storage by 90% within the decade.

Secretary Granholm and Congressman Pallone observed firsthand the Eos Ingenuity Lab, where Eos develops its Znyth® aqueous zinc batteries, which are nonflammable, sustainable, and free of thermal runaway risk, in addition to being fully recyclable at the end of life. The Eos Energy Enterprises technology aligns with the priorities outlined in the DOE’s Energy Earthshot Initiative producing a safe, scalable, and efficient long-duration battery manufactured in the U.S.

“We want to thank Secretary Granholm and Congressman Pallone for their vision and focus on the importance of energy storage technologies for a sustainable energy future,” said Joe Mastrangelo, CEO of Eos. “America should be the leader of energy storage capabilities and innovation both domestically and for international exports. We can manufacture and scale this industry and usher in a new and long overdue era of “made in America” leadership.”

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 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.

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 investment by KSP and benefits thereof, the future financial performance of Eos; Eos’s plans for expansion and acquisitions; and changes in Eos’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 Eos 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 Eos; (2) the ability to maintain the listing of Eos’s shares of common stock on NASDAQ; (3) the ability of Eos’s business to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (4) changes in applicable laws or regulations; (5) the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; and (6) other risks and uncertainties indicated from time to time in the Annual Report on Form 10-K filed by Eos with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2020, including those under the heading “Risk Factors” therein, and other factors identified in Eos’s prior and future SEC filings with the SEC, available at www.sec.gov.

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

Eos Energy Announces $100 Million Investment from Koch Strategic Platforms

Written by

Categories : Press release

EDISON, N.J., July 07, 2021 (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 Koch Strategic Platforms (“KSP”), a subsidiary of Koch Investments Group, will make a $100 million investment in convertible senior notes to support the Company’s strategic growth initiatives.

“As we continue to build out our commercial team, expand our opportunity pipeline and optimize our manufacturing processes and technology, it will be extremely helpful to have an experienced and proven strategic partner that recognizes the tremendous market opportunity we have ahead of us,” said Joe Mastrangelo, CEO of Eos. “Koch brings a strong track record of investing in disruptive technology companies and we look forward to deploying this capital to accelerate growth and continue to drive shareholder value.”

“Long duration energy storage is quickly emerging as a critical component of the renewable energy value chain,” said Jeremy Bezdek, managing director of Koch Strategic Platforms. “Eos’ world-class leadership team and versatile technology provide us with great confidence in the Company’s future growth and ability to succeed in this rapidly growing market.”

Eos is a leading manufacturer of long duration (3-12 hour) energy storage solutions featuring its proprietary Znyth® technology. This zinc-powered battery addresses the variability of renewable energy sources by providing reliable power to applications across the energy supply chain, including utilities, and industrial and commercial sites. Eos’s Pittsburgh-based manufacturing facility, suite of support services and majority domestically sourced supply chain, enable it to scale up its production to serve the needs of customers and communities around the world.

Terms of the Transaction
Under the terms of the investment, a subsidiary of KSP will purchase $100 million in aggregate principal amount of Eos’ convertible senior notes (the “Notes”). The Notes will have an initial conversion price of approximately $20.00 per share of Eos’ Common Stock (the “Common Stock”), subject to customary anti-dilution adjustments. Eos will settle its conversion obligations through the delivery of shares of Common Stock, cash, or a combination of cash and shares of Common Stock, at Eos’ election. The Notes will mature in June 2026, unless earlier repurchased, redeemed or converted. Interest on the Notes will be paid semi-annually, and Eos is permitted to pay interest on the Notes in cash or through the issuance of additional Notes, at its election. Interest payments made in cash will be based on an interest rate of 5.0% per year, and interest payments made by issuing additional Notes will be based on an interest rate of 6.0% per year.

Additional information regarding this announcement may be found in a Form 8-K that will be filed with the U.S. Securities and Exchange Commission.

Advisors
B. Riley Securities, Inc. is acting as placement agent on behalf of Eos. BofA Securities, Inc. is acting as financial advisor to Eos, and Davis Polk & Wardwell LLP is serving as Eos’ legal advisor in the transaction.

Stinson LLP is serving as legal advisor to Koch Strategic Platforms.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The notes and any shares of Eos common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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 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.

About Koch Strategic Platforms
With offices in Atlanta and Wichita, KSP desires to be the preferred investment partner of growth focused, strategic companies who are innovating in industries with disruptive potential. Created in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefit can be realized. https://www.kochind.com/

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 investment by KSP and benefits thereof, the future financial performance of Eos; Eos’s plans for expansion and acquisitions; and changes in Eos’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 Eos 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 Eos; (2) the ability to maintain the listing of Eos’s shares of common stock on NASDAQ; (3) the ability of Eos’s business to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (4) changes in applicable laws or regulations; (5) the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; and (6) other risks and uncertainties indicated from time to time in the Annual Report on Form 10-K filed by Eos with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2020, including those under the heading “Risk Factors” therein, and other factors identified in Eos’s prior and future SEC filings with the SEC, available at www.sec.gov.

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