Eos Energy and Pine Gate Renewables Announce Partnership Expansion
December 12 2023 - 4:30PM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage
systems, today announced that Eos and Pine
Gate Renewables, a leading renewable energy company focused on
development and strategic financing of solar and storage projects
throughout the United States, have entered into a memorandum of
understanding (MOU) to expand their existing partnership with a
minimum additional volume of 500MWh. The partnership between the
two companies launched in 2021 with projects in South Carolina and
Utah.
“Working with Pine Gate has made Eos a better company,” said
Marshall Chapin, Chief Customer Officer for Eos. “We are excited to
expand our relationship with them which started with developing the
largest alternative chemistry storage project in the country and we
look forward to continuing our growth together.”
The MOU reflects the positive collaboration and trust between
Eos and Pine Gate Renewables developed over the past two years and
represents the future potential of American-manufactured energy
storage. "Keeping pace with the market's growing demand for clean,
affordable energy and long-duration storage requires constant
innovation," said Joe Broom, Senior Vice President of EPC
Management at Pine Gate Renewables. "Working with Eos opens the
door to the expansion of long-duration, zinc-based battery
storage."
The MOU provides a framework for the partnership which is
expected to be developed into a final master supply agreement (MSA)
between the two companies no later than March 29, 2024. The
Agreement contributes 500MWh to the Company’s Pipeline and will be
categorized as a letter of intent.
About Eos Energy EnterprisesEos Energy
Enterprises is a leading provider of safe, scalable, and
sustainable zinc-based battery storage systems. With a mission to
deliver energy storage solutions that are efficient, reliable, and
environmentally friendly, Eos is at the forefront of
revolutionizing the global energy storage landscape. Eos’
pioneering technology offers a cost-effective and scalable
alternative to other stationary storage systems, enabling a clean
energy future with improved grid reliability and resilience.
About Pine Gate RenewablesPine Gate Renewables
is a developer and owner-operator of utility scale solar and energy
storage projects across the United States. Founded in 2016, Pine
Gate is dedicated to the innovative deployment of clean energy and
has extensive experience in the development, financing,
construction, and operation of solar and energy storage facilities.
A trusted partner and leader in the industry, Pine Gate has closed
more than $7 billion in project financing and capital investment.
Pine Gate’s operational fleet includes over 100 solar facilities
accounting for more than two gigawatts (GW) of installed capacity
and it has over 30 GW of projects in development.
Forward Looking Statements
Except for the historical information contained herein, the
matters set forth in this press release are 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,
regarding our ability to negotiate and execute a definitive
agreement with Pine Gate Renewables, 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 are based on our management’s beliefs,
as well as assumptions made by, and information currently available
to, them. Because such statements are based on expectations as to
future financial and operating results and are not statements of
fact, actual results may differ materially from those
projected.
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 raise financing in the future; our customer’s ability to
secure project financing; the amount of final tax credits available
to our customers or to Eos Energy Enterprises, Inc. pursuant to the
Inflation Reduction Act; uncertainties around our ability to secure
conditional commitment in a timely manner or at all, or final
approval of a loan from the Department of Energy, the Loan Programs
Office, or the timing of funding and the final size of any loan if
approved; the possibility of a government shutdown while we remain
in the due diligence phase with the U.S. Department of Energy Loan
Programs Office or while we await notice of a decision regarding
the issuance of a loan from the Department Energy Loan Programs
Office; 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 and pipeline to revenue; risks associated with security
breaches in our information technology systems; 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 to
U.S. trade environment; 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 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; 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 the Company’s most recent filings
with the Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K, 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.
Further information on potential risks that could affect actual
results will be included in the subsequent periodic and current
reports and other filings that the Company makes with the
Securities and Exchange Commission from time to time. Moreover, the
Company 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, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Contacts Investors:
ir@eose.comMedia:
media@eose.com
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