Eos Energy Enterprises, Inc. Continues to Achieve Manufacturing and Operational Milestones
23 June 2022 - 10:39PM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading
provider of safe, scalable, efficient, and sustainable zinc-based
energy storage systems, today announced it remains on pace to
triple production capacity to 800 MWh by the end of the year, has
recently achieved several significant manufacturing milestones, and
installation has begun on the largest energy storage project the
Company has delivered to date.
In April, Eos shipped its 100th Energy Block energy storage
system followed by completing production of the 20,000th battery
module in early June at the Company’s Turtle Creek, Pennsylvania
manufacturing facility. These milestones were accomplished in large
part due to incremental production yield increases for three
consecutive quarters culminating with crossing the 90% throughput
yield threshold in early May.
“What the production team has managed to accomplish in a
relatively short amount of time is nothing short of amazing,” said
Joe Mastrangelo, CEO of Eos. “Even with the current challenges
everyone is facing in terms of supply chain constraints, we’ve
managed to keep our manufacturing capacity expansion on plan and to
deliver orders to customers.”
This month, installation began on a 72 MWh Eos Znyth™
zinc-powered energy storage system at a 102 MW solar + storage
facility in South Carolina. The site will house Eos’ largest system
delivered to date and provide clean power to residents and
businesses in the region.
These milestones follow substantial progress on the
organization’s manufacturing facility expansion, which has
increased square footage from 60,000 to almost 110,000. The
capacity expansion will allow Eos to fill its $212 million orders
in backlog as demand for long duration energy storage increases
among utilities, commercial and industrial customers throughout the
U.S. and abroad.
The Company will have created 200 clean energy jobs by year end
for the Mon Valley area of Pennsylvania, a region that has
traditionally been dedicated to steel production. In a study
commissioned by the Company, the Pennsylvania Economy League of
Greater Pittsburgh determined that Eos’ Turtle Creek facility
generates $84 million in economic output and contributes $36
million in value add to the Gross Regional Product of Southwestern
Pennsylvania.
Mastrangelo concluded, “We are proud to create jobs in a
community that needs them and even more proud of the dedication and
engagement this workforce brings. The men and women of Eos are
excited to be directly responsible for accelerating the shift to
clean energy.”
About EosEos Energy Enterprises, Inc. is
accelerating the shift to clean energy 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, commercial, and residential customers with a proven,
reliable energy storage alternative. Eos was founded in 2008 and is
headquartered in Edison, New Jersey. For more information about Eos
(NASDAQ: EOSE), visit eose.com.
Contacts |
|
Investors: |
ir@eose.com |
Media: |
media@eose.com |
Forward-Looking StatementsThis press release
includes certain statements that may constitute "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 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. 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 secure financing to
continue expansion; our ability to develop efficient manufacturing
processes to scale and to forecast related costs and efficiencies
accurately, and to secure labor; fluctuations in our revenue and
operating results; competition from existing or new competitors;
the failure to convert firm order backlog to revenue; risks
associated with security breaches in our information technology
systems; risks related to legal proceedings or claims; risks
associated with changes in federal, state, or local laws; risks
associated with potential costs of regulatory compliance; risks
associated with changes to U.S. trade policies; risks resulting
from the impact of global pandemics, including the novel
coronavirus, Covid-19; and risks related to adverse changes in
general economic conditions. The forward-looking statements
contained in this press release are also subject to additional
risks, uncertainties, and factors, including those more fully
described in Eos’s most recent filings with the Securities and
Exchange Commission, including Eos’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 Eos makes with the Securities and Exchange
Commission from time to time. Moreover, Eos 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, Eos 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a8f6a9b-6543-4b8e-8853-de43780c6f06
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