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 its
search for a new manufacturing facility in addition to the Mon
Valley Works expansion under Project AMAZE. This expansion is part
of the Company’s broader strategy to scale up its operations to
meet the rapidly growing demand for renewable energy solutions and
to further its commitment to American manufacturing and energy
independence.
As the Company finalizes the procurement,
construction, and implementation timeline to bring line 2 into full
operation, Eos is simultaneously beginning to search for an
additional factory location outside the Mon Valley. The new
facility, currently known as Factory 2 Works, is expected to be
instrumental in supporting Eos’ mission to provide safe,
cost-effective, and environmentally friendly energy storage. With
the growing use of renewable energy sources like wind and solar,
coupled with increasing demand from data centers, there is a rising
need for reliable, long duration energy storage systems to
stabilize the grid and ensure that energy is available when needed.
Factory 2 Works would be incremental to the manufacturing capacity
expected from the Mon Valley Works under Project AMAZE.
"We’re excited to find the next home for
America’s battery, where we can improve our global competitiveness,
continue to create long-term job opportunities and position Eos as
a leader in American-made energy storage," said Joe Mastrangelo,
Eos Chief Executive Officer. "We’re seeing an unprecedented surge
in demand for energy storage solutions, with more operators seeking
American-made technology, making it critical for us to stay ahead
of the demand curve. The simplicity and scalability of our
manufacturing operations allow us to quickly replicate production
lines and position our facilities closer to customer demand,
ultimately reducing logistics costs and improving efficiency."
As part of the strategy, the search for a site
outside the Mon Valley Works will focus on regions with strong
infrastructure close to customer demand, access to skilled labor,
and economic incentives that align with Eos’ values of clean energy
innovation and American-made manufacturing. Eos expects the new
facility to generate hundreds of new jobs, contribute to local
economic development and strengthen the nation's energy security
and independence.
Eos’ zinc-based technology offers a safe,
secure, and cost-effective solution to these energy storage
challenges. The Company’s systems are designed to provide
long-duration storage capabilities, essential for grid stability,
utility-scale and behind the meter applications, and commercial and
industrial use.
This announcement comes on the heels of the
Company having secured 616 MWh in new customer orders, an announced
partnership with FlexGen to address a preliminary 50 GWh market
opportunity and its $68.3 million first loan advance under its
$303.5 million Title 17 loan guarantee from the United States
Department of Energy, coming 23 days after loan closing.
About Eos Energy EnterprisesEos
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. It is safe, scalable,
efficient, sustainable, manufactured in the U.S., and the core of
our innovative systems that today provides 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.
Eos Contacts
Investors: |
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ir@eose.com |
Media: |
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media@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 Cerberus
and the DOE for future events, our ability to meet the applicable
conditions precedent and covenants under the Cerberus and DOE loan
documents, 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 meet the applicable milestones and
other condition precedents for funding, comply with covenants and
obtain approvals required for future events, in each case under the
Cerberus and DOE loan documents; 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; 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