EDISON, NJ, June 21, 2021 (GLOBE NEWSWIRE) – Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-powered energy storage systems, announced today that after the completion of the Russell Indexes 2021 annual recompilation, which will take place after the US market opened on Jan.
The annual recomposition of the Russell indices tracks the 4,000 largest US stocks as of May 7th, sorted by total market capitalization. Membership in the US All-Cap Russell 3000® Index, which remains valid for one year, means automatic inclusion in the Large-Cap Russell 1000® Index or Small-Cap Russell 2000® Index as well as in the corresponding growth and value styles -Indices. FTSE Russell determines membership for its Russell indices primarily on objective market capitalization rankings and style attributes.
“Eos’ inclusion in the Russell 3000® Index is an exciting milestone for our company and testament to the market adoption of our technology and the tremendous opportunities we have before us,” said Sagar Kurada, chief financial officer of Eos. “We are pleased to be listed among the most respected companies in the Russell Indices and look forward to working more closely with investors and other key stakeholders.”
Eos is a leading manufacturer of long-term energy storage solutions (3-12 hours) with its proprietary Zynth® technology. This zinc-powered battery accommodates the variability of renewable energy sources by reliably powering applications across the energy supply chain, including utility companies and industrial and commercial locations. Eos’ Pittsburgh manufacturing facility, support services offering and largely domestically sourced supply chain allow Eos to scale its production to meet the needs of customers and communities around the world. In its Q1 earnings call, Eos reported more than 200 MWh of orders on hand and 265 MWh of energy delivered, which corresponds to around 2 million operating cycles since 2016.
Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $ 10.6 trillion in assets is compared to Russell’s US indexes. Russell indices are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and how to reconstitute the Russell Indices, see the Russell Reconstitution section on the FTSE Russell website.
Eos Energy Enterprises, Inc. is accelerating the clean energy transition with positively engineered solutions that are transforming the world’s energy storage. Our groundbreaking Znyth® aqueous zinc battery was developed to overcome the limits of conventional lithium-ion technology. Safe, scalable, efficient, sustainable – and made in the USA. – It is at the heart of our innovative systems, which today offer utilities, industrial and commercial customers 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 on Eos (NASDAQ: EOSE), please visit eose.com.
About FTSE Russell:
FTSE Russell is a global index leader providing innovative benchmarking, analysis and data solutions for investors worldwide. FTSE Russell computes thousands of indices that measure and rate markets and asset classes in more than 70 countries, covering 98% of the global investable market.
The expertise and products of the FTSE Russell Index are used extensively by institutional and retail investors worldwide. Approximately $ 17.9 trillion is currently compared to FTSE Russell indices. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indices to measure their investment performance and create ETFs, structured products and index-based derivatives.
A fundamental set of universal principles guides the design and administration of the FTSE Russell Index: A transparent, rules-based methodology supported by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards for index design and governance and follows the IOSCO principles. FTSE Russell is also focused on index innovation and customer partnerships to improve the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by the London Stock Exchange Group.
Further information is available at www.ftserussell.com.
This press release contains certain statements that may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include, among other things, statements that relate to forecasts, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “possible”, “potentially” ” predict, “project,” “should,” “would” and similar expressions may 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 expansion and acquisition plans; and changes in Eos’ strategy, future business, financial condition, estimated revenues and losses, 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, forward-looking statements should not be assumed to represent the parties’ views at a later date, and Eos assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of their publication, whether as a result of new information in the 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 from time to time disclosed in the prospectus filed as part of Eos’ registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”) on December 10, 2020, registration No. 333-251243, including those under the heading “Risk Factors” therein and other factors identified in Eos’ previous and future SEC filings with the SEC, available at www.sec.gov.