Eos Energy Storage Expands Sales and Installation Channels with Babcock & Wilcox Partnership
October 13 2020 - 10:00AM
Business Wire
Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe,
low-cost and long-duration zinc battery storage systems, today
announced that it has entered into an agreement with Babcock &
Wilcox (“B&W”) (NYSE: BW) to be the exclusive battery supplier
for B&W’s global customer base of industrial, utility and power
companies. The agreement will also enable Eos to leverage B&W’s
global experience as a leader in providing renewable energy and
environmental technologies, services and solutions to utility and
industrial customers.
As previously announced, B. Riley Principal Merger Corp. II
(“BMRG”), a publicly traded special purpose acquisition company,
and Eos have entered into a definitive merger agreement for a
business combination that would result in Eos becoming a publicly
listed company. Upon closing of the transaction, the combined
company will be renamed Eos Energy Enterprises, Inc. (“Eos Energy”)
and intends to list its shares of common stock on Nasdaq under the
ticker symbol “EOSE”.
B&W will market, sell and service Eos’ signature product,
the Znyth® zinc battery system, which is optimized for the critical
longer duration stationary storage market and ideal for grid
congestion and renewable power applications. Under the agreement,
B&W subsidiary Babcock & Wilcox Construction Co., LLC, will
be Eos’ exclusive preferred installation provider for the
technology in the United States and Canada.
Eos’ system is unique for its ability to withstand extreme
temperatures, its scalable design made with five core commodity
materials widely available, and its fully recyclable nature. In
addition to the environmental and technological benefits, the
Znyth® zinc battery system is also a cost-effective energy storage
solution, with a 15-year to 30-year life and minimal installation
and maintenance costs. These are among the many qualities that
differentiate Eos’ zinc-based batteries from the lithium-ion
alternative.
“Our partnership with B&W enables us to reach new customers
who will benefit from Eos’ industry-disrupting technology,” said
Joe Mastrangelo, Chief Executive Officer of Eos. “Our zinc battery
storage systems offer a viable alternative to lithium-ion—they are
non-flammable, built with non-rare earth materials and manufactured
right here in the United States. Combining Eos’ design and
technology with B&W’s construction and service capabilities
will ensure that our global customer base has a superior energy
storage solution for the long term.”
“The Zynth® zinc battery system has the potential to be a real
game-changer, offering proven energy storage capabilities and
improved safety performance over lithium-ion batteries,” said Kenny
Young, Chairman and Chief Executive Officer of B&W. “Coupling
it with B&W’s strong reputation with utility and industrial
customers worldwide, our construction and plant maintenance
capabilities, and our experienced global sales team is an exciting
development for both of our companies.”
Additional Information about the Business Combination
In connection with the business combination, BMRG has filed a
preliminary proxy statement with the United States Securities and
Exchange Commission (“SEC”). BMRG stockholders and other interested
persons are advised to read, when available, the preliminary proxy
statement and any amendments thereto and, once available, the
definitive proxy statement, in connection with BMRG’s solicitation
of proxies for the meeting of stockholders to be held to approve,
among other things, the proposed business combination, because the
proxy statement will contain important information about BMRG, Eos
and the proposed business combination. When available, the
definitive proxy statement will be mailed to BMRG stockholders as
of a record date to be established for voting on the proposed
business combination. Stockholders will also be able to obtain
copies of the proxy statement, without charge, once available, at
the SEC’s website at www.sec.gov. Copies of the documents filed
with the SEC by BMRG when and if available, can be obtained free of
charge by directing a written request to B. Riley Principal Merger
Corp. II, 299 Park Avenue, 21st Floor, New York, New York 10171 or
by telephone at (212) 457-3300.
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by
deploying stationary storage solutions that can help deliver the
reliable and cost-competitive power that the market expects in a
safe and environmentally sustainable way. Eos has been pursuing
this opportunity since 2008 when it was founded. Eos has more than
10 years of experience in battery storage testing, development,
deployment, and operation. The Eos Aurora® system integrates Eos’
aqueous, Znyth® technology to provide a safe, scalable, and
sustainable alternative to lithium-ion.
https://eosenergystorage.com
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses.
About Babcock & Wilcox
Headquartered in Akron, Ohio, B&W is a global leader in
energy and environmental technologies and services for the power
and industrial markets. Follow B&W on LinkedIn and learn more
at www.babcock.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201013005129/en/
For Eos Energy Storage LLC
Investors Ed Yuen ir@eosenergystorage.com
Media Balki G. Iyer media@eosenergystorage.com
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