EOSE Price Today by TradingView

Posts of Sourcetop Admin

Eos Energy Enterprises Appoints Melissa Berube as General Counsel and David Leligdon as Senior Vice President of Projects

Written by

Categories : Press release

EDISON, N.J., June 28, 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 Melissa Berube as General Counsel and David Leligdon as Senior Vice President, Projects, effective immediately. Berube will oversee all legal, compliance and governance functions across the organization and Leligdon will lead the design, execution, commissioning and servicing of customer projects globally.

“We are pleased to welcome Melissa and David to the Eos family at this critical and exciting time for our business,” said Joe Mastrangelo, CEO of Eos. “They both have the track record and experience to navigate the complexities of our industry, while also exuding the drive and commitment to make a significant impact on our future growth.”

Berube began her legal career as a corporate attorney at Schwabe, Williamson & Wyatt, in Portland, Oregon before moving in-house to Erickson Incorporated, a global helicopter aerial services provider and manufacturing company, where she advanced to General Counsel and Senior Vice President of Legal & People.  In this role, she provided guidance on a wide range of corporate legal matters, including commercial contracts, corporate financing and acquisition-related transactions, board relations and governance, compliance, litigation management, labor and employment.

“I look forward to contributing to the Eos team and applying my decade of experience in the legal field to a new challenge with a transformational company,” Berube said. “I’m excited to work with a world-class team and use my knowledge to help position the company for continued long-term success.”

Leligdon has over 25 years of industry experience with Black & Veatch, where he held a number of successive leadership roles. Leligdon brings extensive international experience having worked as a Vice President & Regional Director in several regions, most notably in South Africa. As Senior VP and Global Director in the Renewable Energy business line, he was responsible for the execution of solar, wind and battery projects. Most recently, he served as Senior Vice President and Director of the Distributed Infrastructure Maintenance Services where he was responsible for establishing the strategic direction and go-to-market plan for the infrastructure service and support sector.

“Eos has the vision, expertise and technology to accelerate the shift to renewable energy,” Leligdon said. “I am excited to help Eos move the needle by collaborating with our global customer base to supply energy storage systems that will power the communities of tomorrow.”

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” 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 in the Prospectus included as part of the Registration Statement on Form S-1 filed by Eos with the Securities and Exchange Commission (“SEC”) on December 10, 2020, Registration No.333-251243, 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.

Eos Energy Enterprises Announces Inclusion in Russell 3000® Index

Written by

Categories : Press release

EDISON, N.J., June 21, 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 it will join the broad-market Russell 3000® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted June 4.

The annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“The inclusion of Eos in the Russell 3000® Index marks an exciting milestone for our company and is a testament to the market reception to our technology and the tremendous opportunity we have in front of us,” said Sagar Kurada, Chief Financial Officer of Eos. “We are pleased to be listed among the distinguished companies in the Russell indexes and look forward to deeper engagement with investors and other key stakeholders.”

Eos is a leading manufacturer of long duration (3-12 hour) energy storage solutions featuring its proprietary Zynth® 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. In its Q1 earnings call, Eos reported more than 200 MWh of orders backlog and 265 MWh of discharged energy, equating to approximately 2 million operating cycles since 2016.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, please visit the “Russell Reconstitution” section on the FTSE Russell website.

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 FTSE Russell:
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.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 in the Prospectus included as part of the Registration Statement on Form S-1 filed by Eos with the Securities and Exchange Commission (“SEC”) on December 10, 2020, Registration No.333-251243, 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

Energy Storage is Ready to be Supercharged. Let’s Source it, Manufacture it and Scale it in America

Written by

Categories : News

The U.S. is on the cusp of a clean energy renaissance, but only if we walk the walk and limit our reliance on foreign supply chains.  It’s possible.  As a nation of inventors, entrepreneurs, builders and creators, we’ve always been nimble and scrappy enough to switch gears, hit a roadblock or two along the way, clear the path and persevere.

After spending nearly 30 years in the energy industry, and experiencing years of limiting political and market incentives, we have arrived at a moment that is different from any other period in our industry’s recent history.  Renewable energy jobs surpassed 11.5 million in 2020.

In the U.S. alone, nearly 1 million people are employed in the renewable energy sector, almost five times more than fossil fuels.  Wind service technician is the fastest growing occupation in the U.S. and solar installer is the third fastest growing according to the U.S. Board of Labor Statistics.

Cost is no longer an impediment to progress.  The levelized cost of energy, or LCOE, for solar and wind projects are at historic lows and the cost of energy storage systems, which harness this energy and prevent it from being wasted, have plummeted 85% in the last decade and are projected to drop an additional 54% over the next decade.

China has long dominated the solar market, but without energy storage technologies, or simply batteries, renewable energy alone can’t provide the assurances that companies and communities need to feel safe and secure in their electric power supply.  Batteries provide a modular, scalable, regional solution that can support the electric grid in the event of an outage, whether caused by extreme weather or a simple maintenance issue.

Recent outages, such as the aftermath of the winter storm in Texas or last summer’s California wildfires, have shown that we’re just one unexpected event away from the reality of a potentially catastrophic grid failure.

As renewables become an increasingly vital part of our complex energy infrastructure, intermittency, or fluctuations between surplus and scarcity of supply, must be managed.  Excess production when demand is low, known as curtailment, can be captured and stored to increase the use of renewable energy sources.

In April 2020, California had 15 GW of curtailments, or unusable energy, in a single day—greater than all the energy storage capacity installed globally in 2020.  And yet, there was still a scarcity of power when the state experienced 20 days of rolling blackouts last summer.  Long duration discharge storage is a critical building block for a more sustainable energy system.

America has the ability to corner the 4-12-hour long-duration energy storage market on a global scale, but only if we have the will to embark on a manufacturing boom that we haven’t seen since the Model T.  Investment in our domestic supply chain could alter the course of our economy and usher in a new and long overdue era of “made in America” leadership.

Today, 87% of these batteries are manufactured outside of the U.S. with China alone estimated to account for nearly three-quarters of global production as of the end of 2020.  Further, over 95% of batteries deployed for stationary storage in the U.S. today are made from lithium-ion, which can only be sourced from a few countries including China and Korea.

Lithium has its place given its effectiveness at producing short bursts of energy, like those required in electric vehicles, but long duration storage made from safe and sustainable materials will be instrumental to unlocking the clean energy future that America should be marching toward.

At Eos, we’ve been doing this for years, from bringing resilience to the California power grid during last summer’s wildfires to supplying power to remote communities in Nigeria.  Our batteries are powered by zinc, a widely available and conflict-free commodity.  From there, we take a less-is-more approach—our product is non-flammable, non-toxic, fully recyclable after its life, and efficient in that it can operate in a wide voltage and temperature range.

As President Biden and Congress consider an infrastructure package and dig into U.S. competitiveness, we need to focus on investing in infrastructure and innovation here at home so that we’re better prepared for the next crisis, whatever it may be.  We need policies in place to create a level playing field to compete, including a standalone energy storage investment tax credit and the removal of barriers to interconnection and market participation.

The good news is that we’re on the cusp of what could be a rebirth of American manufacturing and innovation in energy resilience as corporations race to reduce emissions and meet climate change goals.  The number of companies that set targets and report progress increased nearly 300% from 2019 to 2020 and this figure is likely to grow with the U.S. and other countries setting aggressive targets for carbon mitigation.

I’m proud to say that Eos is leading the way.  What if we took an underutilized factory in Pittsburgh and turned it into a modern-day manufacturing facility?  We’ve done it.  What if we trained Americans who were out of work and placed them into high paying clean jobs?  We’ve done it—growing from 50 to 200 employees in just six months.  What if every facet of our energy supply chain was sourced with components from the U.S. so that we would never encounter supply shortages?  We’ve done it—from our Edison, New Jersey, headquarters to our Voltage Valley suppliers.

We’ve already created 200 jobs in the U.S. and with the right environment to grow, we’ll create more. Let’s supercharge our domestic supply chain and use American ingenuity to source it, manufacture it and scale it now.  Energy storage is a critical tool to develop the grid of the future.  If we don’t invest in this future today, it won’t be there when we need it the most.

Joe Mastrangelo is the CEO of Eos Energy Enterprises, a provider of zinc-powered clean energy storage systems.

Eos Energy Enterprises Selected as Finalist in Energy Category of Fast Company’s 2021 World Changing Ideas Awards

Written by

Categories : Press release

The 5th annual awards honor the products, concepts, companies, policies, and designs that are pursuing innovation for the good of society and the planet.

EDISON, N.J.— 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 named a Finalist in the energy category of Fast Company’s 2021 World Changing Ideas Awards.  The Awards honor the businesses, policies, projects, and concepts that are actively engaged and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality.  Eos also received Honorable Mention in the Best World Changing Ideas North America category.

“This recognition is a testament to the commitment of our team and our positively ingenious approach to solving the world’s energy challenges,” said Joe Mastrangelo, Chief Executive Officer of Eos.  “Our technology powers remote communities, brings resilience to the grid during natural disasters, and provides a means to decarbonize our energy ecosystem.  We are truly changing the world by using American ingenuity to power a more positive future.”

Eos was selected for its EnergyBlock (now called Eos Cube) with Znyth® technology, a proven zinc-based energy storage system that has been perfected over more than a decade and was first manufactured for commercial application in November of 2020 at Eos’s facility in Pittsburgh, PA.  The EnergyBlock system was designed with a “less is more” philosophy, resulting in a significant overall reduction in levelized cost of storage and a revolutionary product:

  • It is safe: the underlying chemistry is non-toxic, nonflammable, free of thermal runaway risk, and can harmlessly ship, store, and install without a charge.
  • It is scalable: Eos uses “off-the-shelf” components, with no precious or conflict materials, a simple manufacturing process, and a modular design that allows for easily tailored customer configurations.
  • It is efficient: it performs across extreme temperatures without the need for complex, costly HVAC systems, has flexible charge and discharge rates, and is designed for 100% depth of discharge.
  • It is sustainable: it has a 20+ year lifespan with extremely low annual degradation, and when at end of life, all components can be fully recycled in standard recycling facilities.

A panel of eminent Fast Company editors and reporters selected winners and finalists from a pool of more than 4,000 entries across transportation, education, food, politics, technology, and more. Plus, several new categories were added, including Pandemic Response, Urban Design, and Architecture. The 2021 awards feature entries from across the globe, from Brazil to Denmark to Vietnam.

“There is no question our society and planet are facing deeply troubling times. So, it’s important to recognize organizations that are using their ingenuity, impact, design, scalability, and passion to solve these problems,” says Stephanie Mehta, editor-in-chief of Fast Company. “Our journalists, under the leadership of senior editor Morgan Clendaniel, have discovered some of the most groundbreaking projects that have launched since the start of 2020.”

About the World Changing Ideas Awards

World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.

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” 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 in the Prospectus included as part of the Registration Statement on Form S-1 filed by Eos with the Securities and Exchange Commission (“SEC”) on December 10, 2020, Registration No.333-251243, 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.

Eos Energy Enterprises Acquires Remaining 51 Percent Ownership Stake in HI-POWER, LLC, a Manufacturing Joint Venture with Holtec International

Written by

Categories : Press release

Acquisition expected to enhance operational and financial flexibility through vertical integration of supply chain

EDISON, N.J.— Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced the acquisition of the remaining 51% ownership stake in HI-POWER, LLC (“HI-POWER”). Eos expects the acquisition to enhance its operational and financial flexibility through the vertical integration of its supply chain.

Formed in August 2019, HI-POWER is a manufacturing facility joint venture with Holtec International (“Holtec”) located near Pittsburgh, Pennsylvania and in close proximity to more than 80% of Eos’s suppliers. HI-POWER, which has exclusive manufacturing rights in North America, was established to expand production of Eos’s proprietary aqueous Znyth® batteries.

The acquisition gave Eos the remaining and controlling interest in HI-POWER, including all assets and intellectual property. Eos will pay back Holtec’s initial $10 million capital contribution in HI-POWER in addition to five annual installments of $5 million.

Following the closing of the acquisition, Eos assumed full control over the supply chain, back-office functions, HI-POWER personnel, and day-to-day management. Eos will continue to manufacture its non-toxic, non-flammable energy storage systems at the facility, where it employs more than 100 technicians. Additionally, Holtec will continue to serve as a preferred sales partner given its relationships with utility companies around the world.

“HI-POWER filled an essential role at a critical juncture for our business and allowed us to quickly ramp up a manufacturing operation,” said Joe Mastrangelo, Chief Executive Officer of Eos. “This acquisition, combined with the supply chain expertise of our new Chief Operating Officer, Jody Markopoulos, will strategically position us to build out the manufacturing team and further scale our production. We look forward to a future where we expect Eos batteries to power communities around the world.”

Dr. Kris Singh, Chief Executive Officer of Holtec, will step down from Eos’s Board of Directors effective immediately. Eos will seek to strategically add a new Board member over the coming months.

“We would like to express our most sincere gratitude and appreciation to Dr. Singh and wish him the best of luck in his future endeavors,” said Mastrangelo.

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” 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.

Eos Energy Announces Key Customer Orders in Critical Markets to Increase Backlog to $30 million

Written by

Categories : News

EDISON, N.J.—Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced booked orders from key customers, including Hecate Energy, Azure Power and ZGlobal Inc., to meet increased demand for energy storage in critical markets such as Texas, California and India.

The Hecate project in Texas is the first booked order as part of the broad-ranging agreement to provide over 1 GWh of energy storage projects to Hecate Energy (“Hecate”), which Eos announced in November 2020. Hecate is a leading global developer, owner and operator of solar, natural gas, wind, and energy-storage projects, with 2.1 GW contracted and a pipeline of 12+ GW. Given recent grid challenges in Texas resulting from winter storms, energy storage is more important than ever to ensure a reliable, resilient grid. Eos clean energy solutions provide value to grid operations by integrating renewable electricity and providing this much needed grid support. This project, and the broader arrangement with Hecate, are aimed to address this specific need in many utilities across Texas.

The Azure project is part of a large solar development in India where Eos energy storage solutions will be installed to provide solar shifting. Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-India portfolio of 6.9 GWh as of February 28, 2021. India’s renewable market has seen dramatic growth over the past few years, and storage is starting its upswing, particularly as independent power producers (“IPPs”), such as Azure Power, commit to using only renewable-generated electricity in the nation’s Round-the-Clock Auctions. Eos’s success in India is driven by its earlier deployment of energy storage systems with a leading IPP to support solar shifting in this critical market, which demonstrated the safety and resilience of Eos’s technology in harsh environments, including temperatures as high as 45°C.

The ZGlobal project in California is paired with a solar project and represents a new long-term relationship for the Company. ZGlobal Inc. is a power engineering consultancy firm staffed by veterans of the California Independent System Operator (“CAISO”) and various California utilities.

“Texas and California represent key areas of growth for Eos in the U.S., while India presents great potential for our global expansion plans. We are pleased to secure orders from marquee customers in all of these markets, which we believe validates Eos’s technology solution with top tier mainstream customers to address long duration use cases such as renewable shifting,” said Balki Iyer, Chief Commercial Officer of Eos. “We continue to see strong sales momentum as the benefits of our technology, including the low cost of ownership, minimal carbon footprint and resilient supply chain, continue to resonate in the market as customers recognize that storage is crucial to saving energy and redefining the grid. With this announcement, Eos’s orders backlog has grown to approximately $30 million, which includes more than 20 orders totaling approximately 107 MWh over the past six months. In addition, the Company strengthened its pipeline to more than $3.5 billion with expected delivery over the next four years.”

The Eos Znyth® 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.

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” 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 in the Prospectus included as part of the Registration Statement on Form S-1/A filed by Eos with the Securities and Exchange Commission (“SEC”) on January 13, 2021, Registration No.333-251243, 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: Ed Yuen, ir@eose.com
Media: James McCusker, media@eose.com

Eos Energy Enterprises Strengthens Leadership Team with Two Key Hires

Written by

Categories : Press release

Jody Markopoulos appointed Chief Operating Officer and Jesper Helt named Chief People Officer

 

EDISON, N.J.— Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced the expansion of its senior leadership team with the appointment of Jody Markopoulos as Chief Operating Officer and Jesper Helt as Chief People Officer. Markopoulos will be responsible for optimizing the value chain and leading capacity expansion to meet customer demand for energy storage solutions. Helt will lead the company’s human resources and talent acquisition efforts, in addition to developing workplace culture and diversity programs.

“As Eos embarks on a new chapter of growth and innovation, it will be crucial to have an experienced and dynamic leadership team in place who can deliver value to our customers, shareholders and employees,” said Joe Mastrangelo, Chief Executive Officer of Eos. “Jody brings expertise in supply chain and manufacturing operations and has a track record of growing high-performance teams. Her insights and knowledge of the energy industry will be invaluable to Eos.”

“Jesper is a creative and results-driven executive with a global perspective. His track record of progressive HR practices from the tech industry will be instrumental as we develop an inclusive company culture and seek to be a magnet for the industry’s top talent,” Mastrangelo continued. “We are thrilled to welcome Jody and Jesper to our positively ingenious team.”

Markopoulos began her career at GE Power, where she held a number of successive leadership roles deepening her supply chain expertise, power generation knowledge and operational leadership. Following a six-year run as Vice President of Sourcing, Markopoulos went on to be President & CEO of GE Intelligent Platforms, a high technology controls, automation and software company before going to GE Oil & Gas to lead the supply chain operations. Markopoulos played an instrumental role in the creation and transition of Baker Hughes from GE as part of the executive team. Most recently she ran her own consulting firm, leveraging 27 years of operating leadership, providing advisory services to leading private equity, public and private companies. She has a Bachelor of Science degree in Engineering & Management from Clarkson University.

“I’m thrilled to join the Eos team at such an exciting time in the company’s history,” said Markopoulos. “The energy storage space is experiencing tremendous growth and Eos is well-positioned to lead the way in changing how the world stores power. I look forward to the growth challenge, being part of a team that is at the forefront of the energy transition and who is committed to delivering game changing energy storage solutions to our customers.”

Helt has spent more than 25 years creating organizational and cultural transformations at companies ranging from Fortune 500 to mid-sized start-up environments. Prior to joining Eos, Helt was Chief Human Resources Officer at Commvault, a global leader in enterprise data management, where he was responsible for the global people agenda, including successive years of Great Place to Work certifications. Helt started his career in the pharmaceutical industry with Novo Nordisk until he transitioned into technology where he held senior human resources roles at Velti, SuccessFactors and Hewlett-Packard. He earned a PhD in cultural sociology from University of Copenhagen, Denmark.

“Eos’ relentless commitment to building a sustainable and greener tomorrow is such a purposeful and powerful foundation of our employee value proposition,” said Helt. “I’m excited to build on that purpose and help create a truly energizing culture and employee experience which invites everyone to bring their whole self to work, feed off each other and channel their creativity and talents into bringing the next generation of energy storage solutions to our customers around the world.”

These made-in-Pittsburgh batteries could spark profit for New Jersey company

Written by

Categories : News

Turtle Creek operation hopes riding the hot trends will generate hundreds of jobs

 

EOS Energy Enterprises is riding several hot trends as the company looks to boost the profile of its zinc batteries.

One is that the batteries are made in America — more specifically, in Turtle Creek in a space once occupied by Westinghouse Electric Co.

Another is that the batteries being churned out at the Pittsburgh-area facility are made from easy-to-source materials, won’t catch on fire and can be fully recycled. That is meant to set them apart from the yet-undefeated champion of energy storage, the lithium-ion battery, which has conquered the market for both stationary and electric vehicle applications.

And here’s a third: the New Jersey-based EOS went public in November when it was acquired by a special purpose acquisition company — a blank-check vehicle for raising money from investors with the goal of eventually acquiring assets. SPACs are hot tickets in this market.

Last year, nearly 250 such companies went public, including Pittsburgh-based Rice Acquisition Corp., run by Rice Energy Inc. alumni. So far this year, the count is at 80, according to SPACinsider.com.

EOS’s deal with the special purpose acquisition company “took the pressure off,” CEO Joe Mastrangelo said.

The deal freed EOS of its debt, recapitalized the company as it was ramping up commercial manufacturing and allowed it to present its business forecast to the public, he said. EOS’s investor materials state it has $16 million in booked orders and $3.6 billion in the pipeline.

Launch, pause, relaunch

The Pittsburgh manufacturing facility currently has 50 employees, but Mr. Mastrangelo is hoping that, as the company adds more production lines, he will need up to 350 workers over the next 12 to 18 months.

This isn’t a case of a startup rushing into large-scale manufacturing (a move many critics suggested felled Pittsburgh battery-tech darling Aquion Energy Inc., which filed for bankruptcy and was sold to a Chinese company in 2017.)

EOS has actually been around since 2008.