Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos"), a leading
provider of safe, scalable, efficient, and sustainable zinc-powered
long-duration stationary energy storage systems, has been selected
by Dominion Energy Virginia (Dominion Energy) to
provide 16 MWh of storage to participate in a
groundbreaking pilot project that is expected to
strengthen the resiliency of the region’s electrical
grid.
The Darbytown Storage Pilot Project would measure the
performance of the Eos Z3™ zinc-hybrid energy storage
system across multiple use cases. Eos’s manufactured in America
system is focused on providing safe, reliable, and flexible
long-duration storage that is critical to efficiently harness power
from clean energy sources like wind and solar. The Eos Z3 energy
system strives to address the intermittency of renewable energy by
storing energy when there is excess supply and then discharging
that energy when the sun is not shining, or the wind is not
blowing. In this project, the Eos Z3 system’s primary use case
would provide Dominion Energy customers with four hours of
discharge capacity; however, the Eos Z3 battery provides the
flexibility to be configured for discharging energy across a wide
operating range that can be as little as three hours and up to
twelve hours.
“We are proud to have been selected for this critical project.
Eos was founded on the belief that renewable energy sources require
long duration storage to fully maximize their contribution to the
energy mix. Dominion Energy understands that challenge and also
that meeting those needs requires multiple storage technologies,”
said Marshall Chapin, Chief Customer Officer of Eos Energy
Enterprises. “We’re excited for the opportunity to showcase the
performance of our zinc-hybrid Eos Z3 energy system to one of the
country’s premier utilities, Dominion Energy.”
“Battery storage is a key component in making the grid
increasingly clean,” said Ed Baine, President of Dominion Energy
Virginia. “We are excited about this pilot project and partnering
with Eos Energy Enterprises on its zinc-hybrid technology, which
provides a safer alternative to conventional lithium-ion
batteries.”
If approved by both the Virginia State Corporation Commission
(SCC) and Henrico County, construction on the project would begin
at the Darbytown Power Station by late 2024 and be operational by
late 2026. The total project would store up to 11 MW of electricity
and power up to 2,750 homes in the region, with Eos contributing 4
MW or 16 MWh.
The Darbytown project, proposed in a filing made on September
18th to the Virginia State Corporation Commission (SCC), comes as
Dominion is in the process of developing the largest offshore wind
project in the U.S. and continuing to grow the second-largest solar
power fleet nationwide.
In addition to a longer duration, Eos Z3
batteries present several other advantages over more
traditional energy storage systems. Eos Z3™ modules are
inherently nonflammable. With a water-based electrolyte and
flame-retardant polymer framing, there’s minimal risk of thermal
runaway. When fully charged, they’re at most mildly acidic (pH 2-4
range). Even when overcharged, the predominant outgassing component
is water vapor.
About Eos Energy EnterprisesEos
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 Dominion Energy About 7 million
customers in 15 states energize their homes and businesses with
electricity or natural gas from Dominion Energy (NYSE: D),
headquartered in Richmond, Va. Dominion Energy is committed to
safely providing reliable, affordable, and sustainable energy and
to achieving Net Zero emissions by 2050. Please visit
DominionEnergy.com to learn more.
Contacts |
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Forward-Looking Statements / Disclaimer
This press release includes certain statements that may
constitute "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements that refer to the Darbytown Storage Pilot
Project and the approvals remaining in connection with the
Darbytown project, including timing and related statements,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. Factors
which may cause actual results to differ materially from current
expectations include, but are not limited to: changes adversely
affecting the business in which we are engaged; our ability to
forecast trends accurately; our ability to secure final approval of
a loan guarantee from the Department of Energy or the timing and
final amount of any loan; our ability to generate cash, service
indebtedness and incur additional indebtedness; our ability to
secure financing to continue expansion; our ability to secure
grants or other federal, state and local investment; our ability to
secure satisfactory intercreditor arrangements or modifications
with respect to our existing debt financings; our customer’s
ability to secure project financing; our ability to develop
efficient manufacturing processes to scale and to forecast related
costs and efficiencies accurately, and to secure labor;
fluctuations in our revenue and operating results; competition from
existing or new competitors; the failure to convert firm order
backlog and pipeline to revenue; the failure to sufficiently reduce
manufacturing costs, potential delays in the launch of our Eos Z3
battery; inefficient implementation of the Inflation Reduction Act
of 2022; the amount of final tax credits available to our customers
or to Eos pursuant to the Inflation Reduction Act; risks associated
with security breaches in our information technology systems; the
risk of a government shutdown as Eos remains in due diligence on
its loan application with the U.S. Department of Energy Loan
Programs Office or while we await approval and funding of any loan
guarantee; risks related to legal proceedings or claims; risks
associated with evolving energy policies in the United States and
other countries and the potential costs of regulatory compliance;
risks associated with changes in federal, state, or local laws;
risks associated with potential costs of regulatory compliance;
risks associated with changes to U.S. trade policies; risks
resulting from the impact of global pandemics, including the novel
coronavirus, Covid-19; our ability to maintain the listing of our
shares of common stock on NASDAQ; our ability to grow our business
and manage growth profitably, maintain relationships with customers
and suppliers and retain our management and key employees; risks
related to the adverse changes in general economic conditions,
including inflationary pressures and increased interest rates; risk
from supply chain disruptions and other impacts of geopolitical
conflict; changes in applicable laws or regulations; the
possibility that Eos may be adversely affected by other economic,
business, and/or competitive factors; other factors beyond our
control; risks related to adverse changes in general economic
conditions and other risks and uncertainties. The forward-looking
statements contained in this press release are also subject to
additional risks, uncertainties, and factors, including those more
fully described in Eos’s most recent filings with the Securities
and Exchange Commission, including Eos’s most recent Annual Report
on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further
information on potential risks that could affect actual results
will be included in the subsequent periodic and current reports and
other filings that Eos makes with the Securities and Exchange
Commission from time to time. Moreover, Eos operates in a very
competitive and rapidly changing environment, and new risks and
uncertainties may emerge that could have an impact on the
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, Eos assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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