Eos Energy Enterprises, Inc. Secures Over 1 GWh in New Orders, More Than Doubles Backlog to Over $460 Million
July 06 2022 - 08:41AM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading
provider of safe, scalable, efficient, and sustainable zinc-based
energy storage systems, today announced the signing of two
significant orders with Bridgelink Commodities, LLC (“Bridgelink”)
and a leading Northeast solar developer totaling 1.1 GWh of energy
storage capacity to be delivered over the next three years.
Bridgelink increased its multi-year master supply agreement
(“MSA”) to 1 GWh for deliveries over the next three years with an
incremental order value of $181 million for new project
installations. In addition, Eos will manufacture a separate 40MWh
order valued at $13 million for fourth quarter 2022 delivery.
“We’ve built a strong working relationship with Eos and are
proud to bring American-made technology to the ERCOT market in
Texas,” said Bull Flaherty, Managing Director at Bridgelink. “Eos’
technology allows us the flexibility to meet the growing demand
profile of ERCOT and bring more power to US consumers when
needed.”
Additionally, a 300 MWh MSA was signed with a leading Northeast
solar developer for front of the meter stand-alone storage and
solar plus storage applications that provide energy shifting and
ancillary services with deliveries forecasted over the next three
years.
Eos Znyth™ battery technology can be used for front-of-meter
grid installations and behind-the-meter industrial applications
among other use cases. The zinc-powered batteries can be deployed
as both standalone storage and paired with renewables on the
electric grid in addition to being used in commercial &
industrial facilities.
“Over the past six months our opportunity pipeline increased to
more than 20GWh, and we are excited to start seeing those
opportunities convert into orders,” said Joe Mastrangelo, CEO of
Eos. “These orders fit perfectly with our ongoing manufacturing
capacity expansion which we began late last year. Growing our
relationship with customers like Bridgelink demonstrates how our
flexible technology allows our customers to serve a variety of use
cases.”
About EosEos 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, commercial, and residential 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.
Forward-Looking StatementsThis 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 secure financing to
continue expansion; 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 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.
Contacts |
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Investors: ir@eose.comMedia: media@eose.com |
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