Eos Energy Enterprises acquires remaining 51 percent stake in HI-POWER, LLC, a manufacturing joint venture with Holtec International Nasdaq: EOSE

EDISON, NJ, April 14, 2021 (GLOBE NEWSWIRE) – Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of secure, scalable, efficient, and sustainable zinc-based energy storage systems, today announced the acquisition of remaining 51% of the shares in HI-POWER, LLC (“HI-POWER”). Eos expects the acquisition to improve operational and financial flexibility through the vertical integration of the supply chain.

Founded in August 2019, HI-POWER is a manufacturing facility joint venture with Holtec International (“Holtec”) located near Pittsburgh, Pennsylvania and in close proximity to more than 80% of Eos’ suppliers. HI-POWER, which has exclusive manufacturing rights in North America, was founded to expand production of the Znyth® aqueous batteries developed by Eos.

The acquisition gave Eos the remaining and controlling stake in HI-POWER, including all assets and intellectual property rights. Eos will repay Holtec’s initial $ 10 million equity investment in HI-POWER in addition to five annual installments of $ 5 million.

Upon completion of the acquisition, Eos took full control of the supply chain, back office functions, HI-POWER staff and day-to-day management. Eos will continue to manufacture its non-toxic, non-flammable energy storage systems at the facility, which employs more than 100 technicians. In addition, Holtec will continue to act as a preferred distributor due to its relationships with utility companies around the world.

“HI-POWER played an important role at a critical point in our business and enabled us to get a manufacturing operation up and running quickly,” said Joe Mastrangelo, Eos chief executive officer. “This acquisition, combined with the supply chain expertise of our new Chief Operating Officer, Jody Markopoulos, will position us strategically to expand the manufacturing team and further scale our production. We look forward to a future where we expect Eos batteries to power communities around the world. “

Dr. Kris Singh, CEO of Holtec, will step down from the Eos Board of Directors with immediate effect. Eos will seek to strategically add a new board member in the coming months.

“We would like to express our sincere thanks and appreciation to Dr. Singh and wish him the best of luck in his future endeavors,” said Mastrangelo.

About Eos
Eos Energy Enterprises, Inc. is accelerating the clean energy transition with extremely 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.

Forward-Looking Statements
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