EDISON, NJ, April 12, 2021 (GLOBE NEWSWIRE) – Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of secure, scalable, efficient, and sustainable zinc-based energy storage systems, placed orders today Key customers such as Hecate Energy, Azure Power and ZGlobal Inc. known to meet the increased demand for energy storage in critical markets such as Texas, California and India.
The Hecate project in Texas is the first order booked under the far-reaching agreement to deliver more than 1 GWh of energy storage projects to Hecate Energy (“Hecate”) announced by Eos in November 2020. Hecate is a leading global developer. Owner and operator of solar, natural gas, wind and energy storage projects with an order volume of 2.1 GW and a pipeline of more than 12 GW. In light of the recent grid problems in Texas due to winter storms, storing energy is more important than ever to ensure a reliable and resilient grid. Eos Clean Energy solutions add value to grid operations by integrating renewable electricity and providing this much-needed grid support. This project, and the broader agreement with Hecate, is aimed at meeting that specific need in many utility companies across Texas.
The Azure project is part of a large solar development in India that is installing Eos energy storage solutions to enable the solar shift. Azure Power (NYSE: AZRE) is a leading independent solar power producer with an India-wide portfolio of 6.9 GWh as of February 28, 2021. India’s renewable energy market has grown dramatically in recent years and storage is starting to boom. Especially since independent power generators (“IPPs”) like Azure Power are committed to using only renewable electricity in the nationwide round-the-clock auctions. Eos’ success in India is based on its previous use of energy storage systems with a leading IPP to support the solar shift in this critical market, which demonstrated the safety and resilience of Eos technology in harsh environments including temperatures as high as 45 ° C.
The ZGlobal California project is coupled with a solar project and represents a new long-term relationship for the company. ZGlobal Inc. is a power engineering consultancy staffed by veterans of the California Independent System Operator (“CAISO”) and various California utility companies .
“Texas and California are important growth areas for Eos in the US, while India offers great potential for our global expansion plans. We are happy to receive orders from marquee customers in all of these markets. We believe this validates Eos’ technology solution with top-notch mainstream customers to address long-term use cases such as renewable energy shift, ”said Balki Iyer, Eos chief commercial officer. “We continue to see strong sales momentum as the benefits of our technology, including low operating costs, minimal carbon footprint and stable supply chain, continue to resonate in the marketplace as customers realize that storage is essential for energy conservation and the redefinition of Network is vital. With this announcement, Eos’ backlog has grown to approximately $ 30 million, including more than 20 orders with a total output of approximately 107 MWh in the past six months. In addition, the company expanded its pipeline to more than $ 3.5 billion and expected delivery over the next four years. “
The Eos Znyth® technology can be used, among other things, for front-of-meter network installations and industrial applications behind the meter. The zinc-powered batteries can be used both as a stand-alone storage device and in conjunction with renewable energies in the power grid and in commercial and industrial systems.
Eos Energy Enterprises, Inc. is accelerating the clean energy transition with highly sophisticated solutions that are changing the way the world stores electricity. Our groundbreaking Znyth® aqueous zinc battery is designed to overcome the limitations of traditional lithium-ion technology. Safe, scalable, efficient, sustainable – and made in the USA. – It is the core of our innovative systems that today offer utility, industrial and commercial customers a proven and reliable alternative to energy storage. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information on Eos (NASDAQ: EOSE), please visit eose.com.
This press release contains certain statements that may constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements include, but are not limited to, statements that relate to forecasts, projections or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “might”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “possible”, “potentially” ” predict, “project,” “should,” “would” and similar expressions identify forward-looking statements, but the absence of these words does not mean that any statement is not forward-looking. Forward-looking statements may include, for example, statements about: the future financial performance of Eos; Eos plans for expansion and acquisitions; Changes in strategy, future business, financial condition, estimated revenues and losses of Eos, projected costs, outlook, 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, projections and assumptions and involve a number of judgments, risks and uncertainties. Accordingly, any forward-looking statements should not be assumed to reflect the parties’ views at a later date, and Eos undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date they are made, whether as a result of new information, future events or for other reasons, unless required by applicable securities laws. You should not place undue reliance on these forward-looking statements. Due to a number of known and unknown risks and uncertainties, actual results or performance could differ materially from those expressed or implied in these forward-looking statements. Some factors that could cause actual results to differ include: (1) the outcome of legal proceedings that may be brought against Eos; (2) the ability to maintain the listing of Eos common stock on the NASDAQ; (3) the ability of Eos’ business to grow and profitably manage growth, maintain relationships with customers and suppliers, and retain management and key employees; (4) changes in applicable laws or regulations; (5) the possibility that Eos will be adversely affected by other economic, business and / or competitive factors; and (6) other risks and uncertainties set forth from time to time in the prospectus and contained in the registration statement on Form S-1 / A filed with Eos on January 13, 2021 with the Securities and Exchange Commission (“SEC”) ) submitted. Registration No. 333-251243, including those under the heading “Risk Factors” and other factors set out in Eos’ previous and future SEC filings with the SEC, is available at www.sec.gov.
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