Eos Energy Enterprises Partners with ACRO Automation, Inc.
August 24 2023 - 9:00AM
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, yesterday announced that Eos has selected ACRO
Automation Systems to partner in the
design, development, and implementation of its
state-of-the-art high output manufacturing lines.
ACRO is a recognized leader in high-speed,
custom designed, automated manufacturing systems. Based in
Wisconsin, ACRO has more than 80 years of experience across
multiple industries and its highly skilled staff are
uniquely positioned to develop a cost-effective solution to
meet the requirements that will allow Eos to manufacture at
scale on a line with the majority of its
equipment being Made in America.
Eos believes the long duration energy storage
market is a fast-growing component to a lower carbon energy
future. This agreement allows Eos to work on scaling its Eos
Z3™ technology while it continues to await a decision on its
conditional commitment from the Department of Energy Loan Programs
Office.
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.
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,
statements regarding the tax credits available to our customers or
to Eos pursuant to the Inflation Reduction Act of 2022, statements
regarding our ability to secure conditional commitment or final
approval of a loan from the Department of Energy LPO, or our
anticipated use of proceeds from any loan facility provided by the
US Department of Energy, 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 market 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 or
new technologies; the failure to convert firm order backlog and
pipeline to revenue; risks associated with security breaches in our
information technology systems; risks associated with changes in
demand for long duration energy storage, 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 |
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Investors: |
ir@eose.com |
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