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 announced a joint commitment with
Partner4Work, the workforce development organization for Allegheny
County and the City of Pittsburgh, to establish a $500,000 training
program to upskill the current and future workforce for Eos’
evolving manufacturing facility in the Mon Valley. This initial
investment, leveraging federal grant awards including Build Back
Better and Department of Labor Green Infrastructure, reflects a
true public-private partnership, blending funding and investing it
in workers, communities, and regional jobseekers.
“The opportunity presented by Eos’ growth in the
Mon Valley is extraordinary and Eos understands the needs to be
matched with innovation and upskilling its workforce,” said Roma
Desai, Chief People Officer for Eos. “This partnership would give
us the tools and knowledge to connect with local communities to
provide career growth and development particularly in the STEAM
education area.”
The program is designed to provide a framework
that aims to enhance the existing programs at Eos as well as to
develop new programs to fill gaps in Western Pennsylvania workforce
development capabilities. The program will leverage the public
workforce system to support incumbent workers, build a strong
pipeline of candidates who reflect communities around the Eos
facility, and grow local opportunities for clean energy careers for
young adults in the region.
“What’s so exciting about our partnership and
this innovative framework is that we are matching the journey of
individual employees with the journey of the company,” said Edgar
Largaespada, Director of Strategy at Partner4Work.
“Smart public-private partnerships like this –
coupled with strategic investments in one of our region’s chief
assets, its people – are creating the conditions that allow
companies like Eos to thrive in southwestern Pennsylvania,” said
Matt Smith, Allegheny Conference on Community Development Chief
Growth Officer. “One of the region’s communities with a deep
manufacturing legacy, pride and expertise, the Mon Valley is being
positioned to become an international leader in clean energy
innovation and manufacturing and to stand out as a model for
equitable, inclusive workforce development.”
Eos and Partner4Work expect initial efforts to
include training to upskill existing workers to become proficient
in operating advanced machinery and robotics for Eos’ first
state-of-the art manufacturing line.
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 Partner4Work Nationally
recognized for innovation, Partner4Work delivers workforce
solutions for Pittsburgh and Allegheny County to ensure the current
and future needs of businesses and job seekers are met. As stewards
of more than $26 million in public and private workforce funds,
Partner4Work oversees and funds workforce programs for adults,
dislocated workers, and youth; educates the community through
robust labor market analytics; and implements innovative solutions
to the region's systemic workforce challenges. Partner4Work bridges
the gap between people looking for work and companies in need of
talent. More information is available at www.partner4work.org
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 that refer to amounts intended to be spent by Eos on
worker training programs, or the results of any such training
programs, or other characterizations of future events or
circumstances, including any underlying assumptions, 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. 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; 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 |
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Investors: |
ir@eose.com |
Media: |
media@eose.com |
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