GlobeNewswire / November 10, 2021
EDISON, N.J., Nov. 10, 2021 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has secured its largest customer order to date—a commitment by Blue Ridge Power, a leading solar engineering, procurement and construction (EPC) firm, to purchase 300MWh of energy storage systems over the next two years. Installation is scheduled to begin in summer 2022 at a site owned by developer Pine Gate Renewables. Eos will supply its zinc powered Znyth® technology for multiple projects in 2022 and 2023.
As a leading manufacturer of long duration (3-12 hour) energy storage solutions, Eos manages the variability of renewable energy sources by providing reliable power to applications across the energy value chain, including utilities, and industrial and commercial sites. Its Znyth battery is designed to provide continuous power upon installation and is projected to have a useful life of 20 years. Developed in Edison, NJ and constructed of non-rare earth materials, Zynth batteries are proven safe across a wide range of operating conditions and are 100% recycleable at the end of life.
“We are thrilled to partner with Blue Ridge Power on this historic project to bring more energy storage to the U.S., where we are creating jobs and increasing manufacturing capacity,” said Joe Mastrangelo, Chief Executive Officer of Eos. “We have a proven technology that is both scalable and bankable and look forward to using this project as a paradigm for other independent power producers and developers to follow suit.”
Chief Commercial Officer Balki Iyer added, “This win is the result of an effective and productive relationship that we cultivated with Pine Gate and Blue Ridge Power over time. They are true pioneers in the energy storage market who see the financial value, lifecycle benefits and social impact that Eos’ sustainable battery technology offers for the stationary storage industry and we are thankful for their confidence in Eos.”
“With this agreement, we’re committing to more than just a high quality and innovative storage solution,” said Chris Dunbar, Chief Executive Officer of Blue Ridge Power. “We’re committing to a product that supports the growth of American jobs, American manufacturing and provides an important domestic source for high-quality storage. This is a win for everyone.”
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.
About Blue Ridge Power
Blue Ridge Power is a full-service EPC company for renewable energy projects across the United States. The company brings integrated engineering, a qualified professional labor force and an expansive fleet of equipment to serve the needs of clients looking for a turnkey solution for solar and solar + storage projects. Blue Ridge Power currently oversees more than 1 GW of operational assets and has 700 MW under construction, with 2,500 MW in the pipeline for construction in 2021-2022. For more information, visit blueridgepower.com.
This 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, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31,2020 filed on February 26, 2021, and other factors identified in Eos’s prior and future SEC filings with the SEC, available at www.sec.gov.