Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage
systems, today entered a multiyear agreement with SABIC
Specialties’ US business unit, SHPP US LLC, a Saudi Basic
Industries Corporation (“SABIC”) affiliate, to supply conductive
composite thermoplastic for the Eos Z3 battery module. Over the
past four years, Eos and SABIC worked collaboratively to develop a
solution using one of SABIC’s new resin materials to replace the
titanium used in prior Eos battery iterations.
“Over the past six years, we’ve worked hard to take Eos from a
research company to an operating company. Moving from the lab to
small-scale production, and now to manufacturing at scale, requires
partners who bring a mix of scale and expertise,” said Joe
Mastrangelo, CEO of Eos. “Our entrepreneurial spirit allows us to
find creative ways to drive down cost and improve battery
performance. In working closely with SABIC Specialties, we
specified an innovative new material that we believe can be
produced at scale in the United States.”
Eos and SABIC Specialties began collaborating on this new
light-weight material in 2019 and took several years of research
and development to finalize a solution. The SABIC-developed and
patented material supports detailed requirements provided by Eos’s
application technology team. The Eos Z3 battery module weighs 80%
less than prior product generations and allows streamlined
manufacturing, while achieving lower cost and higher
performance.
“We are driven to enable progress and a carbon neutral future
together with our customers. Innovation in batteries is key for the
energy transition,” said Darpan Parikh, Director, Sales and Supply
Chain, Americas, SABIC Specialties. “Working together with Eos has
been instrumental to help us push the boundaries of material
science to improve their application’s performance and
manufacturing process.”
“Scaling toward profitability is priority number one for us, and
finding new materials and manufacturing processes to drive down
cost moves us closer to this goal,” said Francis Richey, Senior
Vice President of Research and Development at Eos. “On top of that
cost benefit, replacing titanium with conductive composite
thermoplastic also improves the overall performance of the battery,
reduces weight and overall processing time.”
This is the second major supply chain partnership announced by
Eos in 2024, as the Company continues on its path to profitability
outlined in its Dec. 12 Strategic Outlook.
About Eos Energy EnterprisesEos Energy
Enterprises is a leading provider of safe, scalable, and
sustainable zinc-based battery storage systems. With a mission to
deliver energy storage solutions that are efficient, reliable, and
environmentally friendly, Eos is at the forefront of
revolutionizing the global energy storage landscape. Eos’
pioneering technology offers a cost-effective and scalable
alternative to other stationary storage systems, enabling a clean
energy future with improved grid reliability and resilience.
About SABIC Specialties’ US Business Unit, SHPP US
LLCSABIC Specialties’ US business unit, SHPP US LLC, is a
fully owned affiliate company of SABIC. SABIC Specialties is set to
work on the hard, difficult endeavors in technology that bring a
fundamental progress to the way we travel, communicate, work and
live. SABIC Specialties provides unique high performing resins,
specialty chemicals, and functional compounds, to markets such as
Telecommunications, Industrial Equipment, Infrastructure, Energy,
Building & Construction, Healthcare, Electronics, Mass
Transportation and Automotive.
SABIC is a global diversified chemicals company, headquartered
in Riyadh, Saudi Arabia. It manufactures on a global scale in the
Americas, Europe, Middle East and Asia Pacific, making distinctly
different kinds of products: chemicals, commodity and
high-performance plastics, agri-nutrients and metals.
SABIC recorded a net profit of SR 16.53 billion (US$ 4.41
billion) in 2022. Sales revenues for 2022 totaled SR 198.47 billion
(US$ 52.92 billion). Total assets stood at SR 313 billion (US$
83.46 billion) at the end of 2022. Production in 2022 stood at 61
million metric tons.
The company has more than 31,000 employees worldwide and
operates in around 50 countries. Fostering innovation and a spirit
of ingenuity, SABIC has 9,948 patents and pending applications, and
has significant research resources with innovation hubs in five key
geographies – USA, Europe, Middle East, South Asia and North
Asia.
Forward Looking StatementsExcept for the
historical information contained herein, the matters set forth in
this press release are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, statements regarding cost reduction
initiatives, including their timing and impact on financial
performance, the development of efficient manufacturing processes
at scale, improved product performance, and 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 are based on our
management’s beliefs, as well as assumptions made by, and
information currently available to, them. Because such statements
are based on expectations as to future financial and operating
results and are not statements of fact, actual results may differ
materially from those projected.
Factors which may cause actual results to differ materially from
current expectations include, but are not limited to: changes
adversely affecting the business in which we are engaged; our
ability to forecast trends accurately; our ability to generate
cash, service indebtedness and incur additional indebtedness; our
ability to raise financing in the future; our customer’s ability to
secure project financing; the amount of final tax credits available
to our customers or to Eos Energy Enterprises, Inc. pursuant to the
Inflation Reduction Act; uncertainties around our ability to secure
conditional commitment in a timely manner or at all, or final
approval of a loan from the Department of Energy, the Loan Programs
Office, or the timing of funding and the final size of any loan if
approved; the possibility of a government shutdown while we remain
in the due diligence phase with the U.S. Department of Energy Loan
Programs Office or while we await notice of a decision regarding
the issuance of a loan from the Department Energy Loan Programs
Office; our ability to develop efficient manufacturing processes to
scale and to forecast related costs and efficiencies accurately;
our ability to reduce costs; fluctuations in our revenue and
operating results; competition from existing or new competitors;
the failure to convert firm order backlog and pipeline to revenue;
risks associated with security breaches in our information
technology systems; risks related to legal proceedings or claims;
risks associated with evolving energy policies in the United States
and other countries and the potential costs of regulatory
compliance; risks associated with changes to U.S. trade
environment; risks resulting from the impact of global pandemics,
including the novel coronavirus, Covid-19; our ability to maintain
the listing of our shares of common stock on NASDAQ; our ability to
grow our business and manage growth profitably, maintain
relationships with customers and suppliers and retain our
management and key employees; risks related to adverse changes in
general economic conditions, including inflationary pressures and
increased interest rates; risk from supply chain disruptions and
other impacts of geopolitical conflict; changes in applicable laws
or regulations; and other risks and uncertainties. The
forward-looking statements contained in this press release are also
subject to additional risks, uncertainties, and factors, including
those more fully described in the Company’s most recent filings
with the Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K, including those under the heading
“Risk Factors” therein, and other factors identified in Eos’s prior
and future SEC filings with the SEC, available at www.sec.gov.
Further information on potential risks that could affect actual
results will be included in the subsequent periodic and current
reports and other filings that the Company makes with the
Securities and Exchange Commission from time to time. Moreover, the
Company operates in a very competitive and rapidly changing
environment, and new risks and uncertainties may emerge that could
have an impact on the forward-looking statements contained in this
press release.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Contacts |
Investors: |
ir@eose.com |
Media: |
media@eose.com |
Eos Energy Enterprises (NASDAQ:EOSE)
過去 株価チャート
から 4 2024 まで 5 2024
Eos Energy Enterprises (NASDAQ:EOSE)
過去 株価チャート
から 5 2023 まで 5 2024