Business Wire / October 08, 2020
EDISON, NJ – OCTOBER 8, 2020 – Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe, low-cost and long-duration zinc battery storage systems, today announced a partnership with Verdant Microgrid (“Verdant”), a custom microgrid solution provider. Eos will supply its Znyth™ Zinc Hybrid Cathode Technology, the core of its Aurora™ stationary energy storage system, to Verdant’s California-based microgrids beginning in the fourth quarter of 2020.
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”.
The Eos battery features a 100% depth of discharge and a wide operating temperature range to enable deployment without the use of costly thermal management measures such as HVAC cooling systems and fire suppression systems. The Znyth™ technology requires just five core commodity materials that are derived from non-rare earth and non-conflict minerals which are commercially available and scalable. The technology is also patent protected and made in the United States.
A microgrid is a self-sufficient energy system that generates power in close proximity to the area it serves. These systems are considered to be more efficient and cost effective than central grids because they do not lose as much electricity in transit and they strategically pull energy from various sources, such as the central grid or a battery, depending on the local demand for electricity at any given time.
“Verdant is excited to partner with Eos on this industrial microgrid project,” said Robert Babcock, a Partner at Verdant. “The Znyth™ battery technology and Eos’ configuration provide our platform with fire safety and energy flexibility that we cannot get from lithium-ion. We are confident that this first project between Verdant and Eos will demonstrate how expansive and beneficial microgrids can be for commercial clients as they provide resiliency, sustainability and cost savings in one package. We look forward to using Eos’ long duration solutions in both our behind-the-meter and utility scale projects in the future.”
In addition to the current applications, Eos and Verdant anticipate their partnership will promote the benefits of solar generation and storage, and set an example for future microgrid applications in the United States.
“This partnership opens up new applications for Eos, with onsite energy generation and storage taking center stage,” said Dr. Balki G. Iyer, Chief Commercial Officer of Eos. “Verdant’s approach to on- and off-grid energy management helps reduce spikes in demand with a smooth, clean, cost efficient, reliable power supply. Good technology is the key to creating these value stories that can open a massive market for project owners and operators looking for storage solutions.”Read Full Article