A battery storage project aimed at adding more carbon-free power to California’s electric grid is about to launch in the San Diego area.
EnerSmart, a renewable energy company based in San Diego and Boulder, Colorado, has signed a $20 million order with Eos Energy to install 10 facilities of 3-megawatts each that will employ zinc battery storage technology. Each of the projects will supply enough energy to power about 2,000 homes.
Categories : News
EDISON, N.J.— Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading manufacturer of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has a firm order from Charge Bliss, Inc. (“CBI”), a renewable energy microgrid developer/builder, to provide a critical care hospital with 2 MW of energy storage using its Znyth® battery. The deal is valued at $2 million.
“We are proud to collaborate with Charge Bliss to provide safe and reliable storage for a hospital micro grid application,” said Dr. Balki Iyer, Chief Commercial Officer of Eos. “Our Znyth® battery technology is optimized for long duration storage, which is experiencing tremendous growth and rapid adoption. We hope this installation can serve as a model for other facilities with similar energy needs.”
Eos will provide this groundbreaking project with up to 2 MW of continuous power delivery upon installation, which is scheduled to take place in the second quarter of 2021. The project agreement comes after Eos recently announced that it increased its projected pipeline by 30 percent in a 30-day period, as a result of increased demand for long duration storage (>4 hours of discharge).
“Our microgrid systems are engineered to supply clean energy while reducing peak demand,” said Jon Harding, Chief Operating Officer of CBI. “Together with Eos we believe we can mitigate the risk of a power supply disruption at a facility that is absolutely critical to the community it serves. Eos is an exceptional partner and has helped us craft a cost-effective, technically superior solution for this exciting project.”
CBI is engineering the first microgrid to be interconnected with the essential power supply of a California hospital, which is designed to support continuous facility operations including during grid outages. This project is funded, in part, through a more than $8 million grant from the California Energy Commission.
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 Charge Bliss
Charge Bliss was organized in 2011 to combine intelligent technologies for building energy management with electric vehicle charging. By integrating optimal renewable energy components and energy storage systems, Charge Bliss strives to simultaneously lower the business and facilities’ energy costs significantly while providing ancillary benefits such as clean, efficient, and resilient power. Working with diverse stakeholders including utilities, business owners, interest groups, and industry leaders, Charge Bliss has developed a unique and comprehensive approach to renewable energy microgrids that is scalable for nearly all sizes of business.
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.
EDISON, N.J., Dec. 15, 2020 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”) a leading manufacturer of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced that a recent sustainability assessment found its Znyth® battery to be superior to competing technologies, including lithium-ion, across seven impact categories. The findings were summarized in a report by Boundless Impact Research & Analytics (“Boundless”), a market intelligence and analytics firm.
At the conclusion of a life-cycle assessment, Boundless scored Eos a 9.5 out of 10, which reflects better performance versus competitors across environmental key performance indicators, such as greenhouse gas (“GHG”) emissions, water footprint, energy intensity, and hazardous materials requirements. For the purposes of the study, Boundless compared the Znyth® battery to traditional battery chemistries such as lithium-ion, lead-acid, sodium sulfur and vanadium redox.
“The Boundless report provides further confirmation that the Znyth® battery is a safe and sustainable solution for energy storage,” said Joe Mastrangelo, Chief Executive Officer of Eos. “We manufacture our products using non-toxic, earth-abundant materials that can be recycled at the end of life. This is the economical and earth-friendly approach that our customers value and that differentiates us from the competition.”
According to the report, the Znyth® battery is designed to last at least 5,000 cycles, or approximately 15 years, and is safe even in extreme temperatures. It is this longevity, as compared to competing technologies, that helped Eos outperform in the categories of GHG emissions, water and solvent impacts, energy footprint, and carbon payback time. Eos had a positive carbon return across the entire scenario range, whereas the lithium-ion and lead-acid ranges resulted in a negative carbon return on investment, or a net increase in emissions, due to lower estimated life.
According to the report, the Znyth® battery has a carbon payback time — the time that it takes to offset GHG footprint — that is two times faster than lithium-ion and lead-acid batteries and three times faster than sodium sulfur and vanadium redox.
“The benefits of our technology are especially apparent in the range of three-to-twelve-hours of storage,” said Dr. Balki Iyer, Chief Commercial Officer of Eos. “This will enable us to bring more renewable energy sources to the grid while being carbon-conscious. The life cycle assessment demonstrates that our technology is cost-competitive and environmentally friendly while also being safe.”
The metrics and findings published in the Boundless report align with the United Nation’s Sustainable Development Goals, which were adopted by member states in 2015 as a universal call to action to protect the planet.
Methodology
Boundless researched the material, energy, and performance characteristics for Eos’ energy storage technology, based on detailed information provided by Eos that describes the material components and energy inputs. At the core of the methodology is a life-cycle assessment (LCA) model for a kWh of stored energy on the Znyth® battery. The functional unit (FU) of this LCA was a kWh of stored energy, such that embodied energy and emissions are estimated for the battery production. Boundless employed the IPCC 2013 methodology when calculating life-cycle impacts of material and energy systems not described elsewhere in the literature. Boundless used a Cradle to Gate approach for assessing the environmental impact of the Znyth® battery, considering everything from raw materials inputs, their origin, transportation, and the energy required for production.
The environmental impact of the Znyth® battery was assessed across seven Environmental Key Performance Indicators (EKPIs) of relevance to the alternative batteries industry.
Boundless scored EOS’ Znyth® battery a 9.5 for its Climate Impact Score, with 10 reflecting the best performance against the most relevant industry competitors. The Boundless Climate Impact Score is obtained by comparing each resulting EKPIs for the Znyth® battery against its competitors, using industry benchmarks built by Boundless through extensive literature research and the support of industry experts.
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 Boundless Impact Research & Analytics
Driven by the latest research by independent industry and academic experts, Boundless
Impact offers analysis, market trends, and evidence of best practices in a growing number of emerging sectors that address major social and environmental challenges. We are an advanced consulting firm that enables investors to connect with industry leaders and peers for expert analysis, diverse perspectives, and real-time collaboration. Our investor education and expert advisory services offer proprietary access to both subject-matter experts and other impact investors.
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 Amendment No. 1 to the Registration Statement on Form S-1 filed by Eos with the Securities and Exchange Commission (“SEC”) on November 13, 2020, Registration No. 333-249713, 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.
Source:
Eos Energy Enterprises, Inc.
| Contacts | Investors: Ed Yuen, ir@eose.com Media: James McCusker, media@eose.com |
Categories : News
Eos Energy Enterprises is listing its stock on the Nasdaq, going public via a Special Purpose Acquisition Company, better known as a SPAC. We welcome in Eos CEO Joe Mastrangelo to discuss why his company decided to bypass the traditional IPO route, and how Eos’ patented Zinc battery can potentially disrupt the power storage industry.
Categories : News
Tesla has a new publicly traded competitor for its battery-based electricity-storage business.
Eos Energy Enterprises completed its merger with a special-purpose acquisition company, or SPAC, on Monday, and began trading on Tuesday under the ticker EOSE. Both companies offer the ability to store power produced by renewable but unpredictable assets such as solar power so that it can be used when demand is the highest.
Categories : News
Eos Energy Enterprises Inc., a manufacturer of large power storage systems, began trading Nov. 17 as a public company on the Nasdaq Capital Market. The listing became effective with the completion the previous day of a merger between the Edison-based company and a special purpose acquisition company formed by B. Riley Financial Inc., which was announced in June. At the time, the companies said the deal valued Eos at $290 million and would provide about $225 million in new equity financing. To celebrate the listing, Eos Chief Executive Officer Joe Mastrangelo rang the virtual opening bell for the Nasdaq. In this special edition of NJBIZ Conversations, Editor Jeff Kanige spoke with Mastrangelo after the ceremony about the company’s plans.
Categories : News
Challenging lithium-ion’s battery market supremacy is not easy, but Eos will at least get a capital infusion to fund its growth.
Eos Energy Storage, the aqueous zinc battery startup, listed on the Nasdaq stock exchange Tuesday after CEO Joe Mastrangelo virtually rang the opening bell.
The 12-year-old company now goes by the name Eos Energy Enterprise, Inc. and trades under the symbol EOSE. Rather than conduct a traditional initial public offering, Eos partnered with a special-purpose acquisition company (SPAC) called B. Riley Principal Merger Corp. II.
Numerous clean energy startups have gone public this year via the SPAC maneuver, which streamlines the process compared to a typical IPO. But the predecessors largely came from the vehicle space, like hydrogen truck maker Nikola Motor, which briefly approached Ford’s market valuation after listing. Battery company QuantumScape also took the SPAC route this year, but its hardware is largely focused on supplying electric vehicles with safer, more energy-dense cells.
Eos, on the other hand, makes novel hardware for stationary grid storage, a battery that uses zinc instead of the conventional lithium-ion chemistries. The company is asking investors to bet that grid storage installations will surge — not a risky bet, as U.S. installations will double this year, and again next year, according to data from Wood Mackenzie. But beyond that, an investment in Eos is a bet on developers choosing to stray from the mass-produced lithium-ion technology that supplies almost all today’s grid battery projects.
So far, EOSE is holding around the $10.50 share price where it opened Tuesday morning, on a day when the Nasdaq overall is down. Owners of 37 percent of the SPAC’s shares opted to redeem, or cash out, prior to the merger with Eos. After subtracting fees, the transaction is on track to net Eos around $130 million, CEO Joe Mastrangelo told GTM Tuesday.
“Now we have the capital to really realize the potential of the company,” he said. “To get where we are is truly phenomenal.”
Categories : News
Upon completion of the business combination, the combined company was renamed Eos Energy Enterprises, Inc. (“Eos” or the “Company”). Beginning November 17, 2020, the Company’s shares of common stock and warrants will begin trading on The Nasdaq Capital Market under the new ticker symbols “EOSE” and “EOSEW”, respectively.
Eos’s executive management team will continue to be led by Joe Mastrangelo, who will serve as the Company’s Chief Executive Officer, and Sagar Kurada, who will serve as the Company’s Chief Financial Officer. The Company’s board of directors will be comprised of Joe Mastrangelo, Russell Stidolph, chairman of the board since 2018, Dan Shribman, B. Riley Financial’s Chief Investment Officer and BMRG’s former Chief Executive Officer, Alex Dimitrief, former President and Chief Executive Officer of General Electric’s Global Growth Organization, Dr. Krishna Singh, founder of Holtec International, Marian “Mimi” Walters, Chief Commercial Officer for Leading Edge Power Solutions, LLC and Audrey Zibelman, Chief Executive Officer at the Australian Energy Market Operator.
“This milestone is the culmination of more than a decade of commitment to addressing the world’s energy storage challenges,” said Mr. Mastrangelo. “We have a proven, safe and sustainable storage solution that’s ready to help accelerate and scale the clean energy transition. We are grateful to the B. Riley team for their partnership and support over these last few months and we look forward to sharing our progress with our shareholders as we continue to execute on our growth strategy.”
“In Eos we found an ideal partner to complete this business combination,” said Mr. Shribman. “The market opportunity for Eos is extremely promising. They are a mission-driven organization focused on accelerating clean energy adoption, and importantly, they have the technology to make this happen. We wouldn’t have been able to close this transaction so quickly without the tireless work of the entire Eos team as well as the continued support of our financial partners and shareholders. We’re proud to be a strategic partner as Eos looks toward a bright future ahead.”
B. Riley Securities, Inc. served as capital markets advisor to BMRG. White & Case LLP acted as BMRG’s legal advisor. Guggenheim Partners served as capital markets advisor to Eos in connection with the business combination. Evercore acted as financial advisor to Eos. Morrison Cohen LLP acted as legal advisor to Eos. KPMG served as the Company’s public company readiness advisor. Deloitte served as the Company’s auditor.
About Eos Energy Enterprises, Inc.
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth® aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it’s the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative. Eos was founded in 2008 and is headquartered in Edison, New Jersey.
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: the benefits of the business combination; the future financial performance of the Company; the Company’s plans for expansion and acquisitions; and changes in the Company’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the parties’ views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against the Company relating to the business combination and related transactions; (2) the ability to maintain the listing of the Company’s shares of common stock on NASDAQ following the business combination; (3) the risk that the business combination or the acquisitions disrupt the Company’s current plans and operations as a result of the consummation of the transactions described herein; (4) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, (5) the ability of the Company’s business to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in the Prospectus included as part of Amendment No. 1 to the Registration Statement on Form S-1 filed by BMRG with the Securities and Exchange Commission (“SEC”) on November 13, 2020, Registration No. 333-333-249713, including those under the heading “Risk Factors” therein, and other factors identified in BMRG’s prior SEC filings and the Company’s future filings with the SEC, available at www.sec.gov.