TETRA Technologies, Inc. (“TETRA”) (NYSE:TTI) and Eos Energy
Enterprises, Inc. (“Eos”) (NASDAQ: EOSE), a leading provider of
safe, scalable, efficient and sustainable zinc-based long duration
energy storage systems, today announced that they have signed a
strategic term sheet regarding a long-term supply and collaboration
agreement to support the manufacturing of Eos’ innovative
Znyth® aqueous zinc battery. Key to the operational success of
the Zynth system is high purity zinc-bromide, which is part of Eos’
patented electrolyte system. TETRA’s U.S. based patented
manufacturing process produces some of the highest purity levels of
zinc-bromide (PureFlow™) globally. TETRA and Eos will collaborate
for improved battery performance, cost and system life including an
end-of-life solution using TETRA’s extensive experience with
reclaiming and recycling zinc bromide.
As reported during its third quarter 2021
earnings call, Eos had a backlog in excess of $150 million at the
end of September 2021 with an opportunity pipeline of $3.7 billion
representing 22 GWh. Eos is projected to expand manufacturing
capacity to 800 MWh in 2022. Aligning Eos and TETRA’s resources is
expected to optimize sourcing and support the growing stationary
storage market. TETRA’s source of bromine and manufacturing
operations are based in Arkansas, further strengthening Eos’
domestic supply chain and supporting current U.S. initiatives for
domestic manufacturing of clean energy solutions. Additionally,
TETRA’s recently reported bromine exploration target of between 2.5
million and 8.6 million tons in the Smackover Formation in
Arkansas, provides Eos with assurance of having access to the key
minerals required to expand.
Eos Chief Executive Officer Joe Mastrangelo
commented, “We are pleased to partner with a U.S. based supplier
like TETRA that will enable our supply chain continuity and provide
access to untapped reserves of bromine as our Company grows.
Further, they allow us to continue to produce a product that is
recyclable at the end of life and accelerates the shift to clean
energy.”
Brady Murphy, TETRA's Chief Executive Officer,
stated, “We are very pleased to partner with Eos and support cost
effective, safe, long duration energy storage technology such as
the Eos Znyth® aqueous zinc battery. This relationship aligns
well with our strategy to utilize our aqueous chemistry core
competency to enable the supply chain for low carbon energy
solutions.”
Investor Contact For further
information from TETRA Technologies, Inc.: Elijio Serrano, CFO, The
Woodlands, Texas, Phone: (281) 367-1983,
www.tetratec.com For further information from Eos
Energy Enterprises, Inc.: Investors - ir@eose.com or media -
media@eose.com; https://eosenergystorage.com/
About TETRATETRA Technologies,
Inc. is an industrial and oil & gas products and services
company operating on six continents focused on bromine-based
completion fluids, calcium chloride, water management solutions,
frac flowback and production well testing services. Calcium
chloride is used in the oil and gas, industrial, agricultural,
road, food and beverage markets. TETRA is evolving its business
model by expanding into the low carbon energy markets with its
chemistry expertise, key mineral acreage and global infrastructure.
Recently announced initiatives include commercialization of TETRA
PureFlowTM an ultra-pure zinc bromide for stationary batteries and
energy storage; advancing an innovative carbon capture utilization
and storage technology with CarbonFree to capture CO2 and
mineralize emissions to make commercial, carbon-negative chemicals;
and development of TETRA’s lithium and bromine mineral acreage to
meet the growing demand for oil and gas products and energy
storage. Visit the Company's website at www.tetratec.com.
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.
TETRA Cautionary Statement Regarding
Forward Looking StatementsThis news release includes
certain statements that are deemed to be forward-looking
statements. Generally, the use of words such as “may,” “see,”
“expectation,” “expect,” “intend,” “estimate,” “projects,”
“anticipate,” “believe,” “assume,” “could,” “should,” “plans,”
“targets” or similar expressions that convey the uncertainty of
future events, activities, expectations or outcomes identify
forward-looking statements that TETRA intends to be included within
the safe harbor protections provided by the federal securities
laws. These forward-looking statements include statements
concerning the exploration targets of bromine, the potential
extraction of bromine from the leased acreage and the economic
viability thereof, the timing and cost of such activities, and
statements regarding TETRA's beliefs, expectations, plans, goals,
future events and performance, and other statements that are not
purely historical. These forward-looking statements are based on
certain assumptions and analyses made by TETRA in light of its
experience and its perception of historical trends, current
conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are
subject to a number of risks and uncertainties, many of which are
beyond the control of TETRA. TETRA is not currently able to
determine the economic viability of the extraction of the bromine
from its leased acreage. The extraction of bromine from its brine
leases may require a significant amount of time and capital, which
TETRA is not able to estimate at this time. While TETRA continues
to evaluate the next steps regarding the potential development of
its brine leases, TETRA has yet to conduct exploration work on the
leases. The exploration target's potential quantity and grade is
conceptual in nature, there has been insufficient exploration to
estimate a mineral resource, and it is uncertain if further
exploration will result in the estimation of a mineral resource.
The exploration targets expressed should not be misrepresented or
misconstrued as an estimate of a mineral resource or ore reserve.
Investors are cautioned that any such statements are not guarantees
of future performances or results and that actual results or
developments may differ materially from those projected in the
forward-looking statements. Some of the factors that could affect
actual results are described in the section titled “Risk Factors”
contained in TETRA’s Annual Reports on Form 10-K, as well as other
risks identified from time to time in its reports on Form 10-Q and
Form 8-K filed with the Securities and Exchange Commission.
Eos Cautionary
Statement Regarding 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.
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