THE WOODLANDS, Texas, and
EDISON, N.J., Dec. 16, 2021 /PRNewswire/ -- 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."
About TETRA
TETRA 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
Statements
This 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
![](https://mma.prnewswire.com/media/1712132/Eos_Logo.jpg)
![TETRA Technologies, Inc. logo. (PRNewsFoto/TETRA Technologies, Inc.) TETRA Technologies, Inc. logo. (PRNewsFoto/TETRA Technologies, Inc.)](https://mma.prnewswire.com/media/74906/tetra_technologies_logo.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/eos-energy-enterprises-and-tetra-technologies-inc-agree-to-long-term-relationship-for-eos-storage-technology-301447027.html
SOURCE TETRA Technologies, Inc.