Eos Energy Announces $68.3 Million First Funding from its $303.5 Million Department of Energy Loan Guarantee
2024年12月20日 - 6:41AM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), America’s leading innovator in the design, sourcing,
and manufacturing of zinc-based long duration energy storage (LDES)
systems, manufactured in the United States, today announced that it
has received the first loan advance from the Department of Energy's
(DOE) Loan Programs Office in the amount of $68.3 million. The loan
advance, which covers 80% of eligible costs incurred to date on the
Mon Valley Works expansion project, represents the maximum
allowable amount under the program at this time.
The loan advance covers both capital
expenditures and project associated operating expenses incurred as
part of the Company's production expansion plans related to Project
AMAZE in the Mon Valley Works. These funds support Eos’ ongoing
efforts to enhance its operational capacity and further its
strategic growth objectives.
“Our first state-of-the-art manufacturing line
has been operational since June 2024, and this funding is a
significant milestone towards expanding our manufacturing capacity
and being able to procure line 2,” said Nathan Kroeker, Eos Chief
Financial Officer. “The loan proceeds from the DOE, coupled with
our strategic partnership and investment from Cerberus Capital
Management, facilitates our growth plans to capitalize on the
growing need for long duration energy storage solutions.”
This announcement comes on the heels of 616 MWh
in new customer orders and an announced partnership with FlexGen to
address a preliminary 50 GWh market opportunity, highlighting the
growing demand for American-made long duration energy storage.
About Eos
Eos Energy Enterprises, Inc. is accelerating the
shift to American energy independence 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 for 3- to 12-hour applications. Eos was founded
in 2008 and is headquartered in Edison, New Jersey. For more
information about Eos (NASDAQ: EOSE), visit eose.com.
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Forward Looking Statements
Except 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 our expected revenue, contribution margins,
orders backlog and opportunity pipeline for the fiscal year ended
December 31, 2024, our path to profitability and strategic outlook,
the tax credits available to our customers or to Eos pursuant to
the Inflation Reduction Act of 2022, the delayed draw term loan
with Cerberus, milestones thereunder and the anticipated use of
proceeds therefrom, the DOE loan and statements regarding the
receipt of funds under the DOE loan and the anticipated use of
proceeds therefrom, obtaining the requisite approvals from the DOE
to receive guarantees under the loan guarantee agreement, our
ability to meet the applicable conditions precedent under the loan
guarantee agreement, statements that refer to outlook, 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 achieve the operational milestones on
the delayed draw term loan; our ability to raise financing in the
future, including the discretionary revolving facility from
Cerberus; risks associated with the credit agreement with Cerberus,
including risks of default, dilution of outstanding Common Stock,
consequences for failure to meet milestones and contractual lockup
of shares; our customers’ ability to secure project financing; the
amount of final tax credits available to our customers or to Eos
pursuant to the Inflation Reduction Act; uncertainties around our
ability to meet the applicable conditions precedent to any funding
under the DOE loan; our ability to continue to develop efficient
manufacturing processes to scale and to forecast related costs and
efficiencies accurately; fluctuations in our revenue and operating
results; competition from existing or new competitors; our ability
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 the 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 the 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; the
possibility that Eos may be adversely affected by other economic,
business, and/or competitive factors; other factors beyond our
control; risks related to adverse changes in general economic
conditions; 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. 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.
Eos Energy Enterprises (NASDAQ:EOSE)
過去 株価チャート
から 11 2024 まで 12 2024
Eos Energy Enterprises (NASDAQ:EOSE)
過去 株価チャート
から 12 2023 まで 12 2024