EDISON, NJ, 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, that it won its largest customer order to date – a commitment from Blue Ridge Power, a leading solar technology, procurement and construction (EPC) company, to purchase 300 MWh of energy storage systems over the next two years. Installation is scheduled to begin in the summer of 2022 at a location owned by the developer Pine Gate Renewables. Eos will provide its zinc-powered Znyth® technology for multiple projects in 2022 and 2023.
As a leading manufacturer of long-term energy storage solutions (3-12 hours), Eos manages the variability of renewable energy sources by reliably powering applications across the energy value chain, including utilities and industrial and commercial locations. The Znyth battery is designed to provide continuous power when installed and has a useful life of 20 years. Znyth batteries were developed in Edison, NJ and made from non-rare earth materials.
“We are excited to partner with Blue Ridge Power on this historic project to bring more energy storage to the US, where we will create jobs and increase manufacturing capacity,” said Joe Mastrangelo, Eos chief executive officer. “We have proven technology that is both scalable and bankable and we look forward to using this project as a model for other independent power producers and developers.”
Chief Commercial Officer Balki Iyer added, “This win is the result of an effective and productive relationship we have cultivated over time with Pine Gate and Blue Ridge Power. They are true pioneers in the energy storage market who see the financial value, life cycle benefits and social impact of Eos sustainable battery technology for the stationary storage industry, and we are grateful for their trust in Eos. “
“With this agreement, we are committed to more than just a high quality, innovative storage solution,” said Chris Dunbar, chief executive officer of Blue Ridge Power. “We are committed to a product that will support American job growth, American manufacturing, and a major domestic source of quality inventory. This is a win for everyone.”
About Eos
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 the heart of our innovative systems that today offer utility companies, industrial and commercial customers a proven, 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.
About Blue Ridge Power
Blue Ridge Power is a full service EPC company for renewable energy projects in the United States. The company offers integrated engineering, qualified specialist staff and an extensive range of equipment to meet the needs of customers looking for a turnkey solution for solar and solar + storage projects. Blue Ridge Power currently oversees more than 1 GW of operating assets and has 700 MW under construction, with 2,500 MW planned for construction in 2021-2022. Please visit blueridgepower.com for more information.
Forward-Looking Statements
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 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 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 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 as disclosed from time to time, including those further described in Eos’ recent filings with the Securities and Exchange Commission, including Form 10-K filed on February 26 for the year ending December 31, 2020, 2021, and other factors identified in Eos’ previous and future SEC filings with the SEC, available at www.sec.gov.
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