Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading
provider of safe, scalable, efficient, and sustainable zinc-based
energy storage systems, today announced booked orders from key
customers, including Hecate Energy, Azure Power and ZGlobal Inc.,
to meet increased demand for energy storage in critical markets
such as Texas, California and India.
The Hecate project in Texas is the first booked order as part of
the broad-ranging agreement to provide over 1 GWh of energy storage
projects to Hecate Energy (“Hecate”), which Eos announced in
November 2020. Hecate is a leading global developer, owner and
operator of solar, natural gas, wind, and energy-storage projects,
with 2.1 GW contracted and a pipeline of 12+ GW. Given recent grid
challenges in Texas resulting from winter storms, energy storage is
more important than ever to ensure a reliable, resilient grid. Eos
clean energy solutions provide value to grid operations by
integrating renewable electricity and providing this much needed
grid support. This project, and the broader arrangement with
Hecate, are aimed to address this specific need in many utilities
across Texas.
The Azure project is part of a large solar development in India
where Eos energy storage solutions will be installed to provide
solar shifting. Azure Power (NYSE: AZRE) is a leading independent
solar power producer with a pan-India portfolio of 6.9 GWh as of
February 28, 2021. India’s renewable market has seen dramatic
growth over the past few years, and storage is starting its
upswing, particularly as independent power producers (“IPPs”), such
as Azure Power, commit to using only renewable-generated
electricity in the nation’s Round-the-Clock Auctions. Eos’s success
in India is driven by its earlier deployment of energy storage
systems with a leading IPP to support solar shifting in this
critical market, which demonstrated the safety and resilience of
Eos’s technology in harsh environments, including temperatures as
high as 45°C.
The ZGlobal project in California is paired with a solar project
and represents a new long-term relationship for the
Company. ZGlobal Inc. is a power engineering
consultancy firm staffed by veterans of the California Independent
System Operator (“CAISO”) and various California utilities.
“Texas and California represent key areas of growth for Eos in
the U.S., while India presents great potential for our global
expansion plans. We are pleased to secure orders from marquee
customers in all of these markets, which we believe validates Eos’s
technology solution with top tier mainstream customers to address
long duration use cases such as renewable shifting,” said Balki
Iyer, Chief Commercial Officer of Eos. “We continue to see strong
sales momentum as the benefits of our technology, including the low
cost of ownership, minimal carbon footprint and resilient supply
chain, continue to resonate in the market as customers recognize
that storage is crucial to saving energy and redefining the grid.
With this announcement, Eos’s orders backlog has grown to
approximately $30 million, which includes more than 20 orders
totaling approximately 107 MWh over the past six months. In
addition, the Company strengthened its pipeline to more than $3.5
billion with expected delivery over the next four years.”
The Eos Znyth® 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.
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.
Forward-Looking StatementsThis press release
includes certain statements that may constitute "forward-looking
statements" for purposes of the federal securities laws.
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. Forward-looking
statements may include, for example, statements about: the future
financial performance of Eos; Eos’s plans for expansion and
acquisitions; and changes in Eos's strategy, future operations,
financial position, estimated revenues, and losses, projected
costs, prospects, plans and objectives of management. These
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing the parties' views as of any
subsequent date, and Eos does not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. You should not place
undue reliance on these forward-looking statements. As a result of
a number of known and unknown risks and uncertainties, actual
results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some
factors that could cause actual results to differ include, but are
not limited to: (1) the outcome of any legal proceedings that may
be instituted against Eos; (2) the ability to maintain the listing
of Eos’s shares of common stock on NASDAQ; (3) the ability of Eos’s
business to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (4) changes in applicable laws or
regulations; (5) the possibility that Eos may be adversely affected
by other economic, business, and/or competitive factors; and (6)
other risks and uncertainties indicated from time to time in the
Prospectus included as part of the Registration Statement on Form
S-1/A filed by Eos with the Securities and Exchange Commission
(“SEC”) on January 13, 2021, Registration No.333-251243, 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.
Contacts |
Investors: Ed Yuen,
ir@eose.comMedia: James McCusker, media@eose.com |
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Azure Power Global (NYSE:AZRE)
Historical Stock Chart
From Jul 2023 to Jul 2024