Eos Energy Storage & Global Renewable Developer Hecate Energy to Deliver Over 1 GWh of Energy Storage Projects Across the Uni...
05 November 2020 - 4:00AM
Business Wire
Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe,
reliable, low-cost zinc battery storage systems, today announced
that it has signed a broad-ranging agreement to provide over 1 GWh
of energy storage projects at an estimated value of more than $250
million to Hecate Energy (“Hecate”), a leading global developer,
owner and operator of solar, natural gas, wind, and energy-storage
projects.
Eos will design, manufacture, and deliver its zinc-based battery
solutions to Hecate over the course of the next 24 months across
Colorado, New Mexico, and Texas. The projects are a mix of
standalone battery storage and storage paired with solar
photovoltaics (“PV”) for renewable energy capacity. The
announcement of the agreement with Hecate further expands Eos’
pipeline commitments to 3 GWh and, upon the completion of several
customary closing conditions, purchase orders from Hecate are
expected in the next six to nine months.
These projects are indicative of the shifting dynamics of the
energy storage market from shorter duration systems, which are
commonly used for quick response power (such as frequency
regulation or peak shaving), to longer duration systems, which are
much better suited for improving overall grid resiliency and
capacity-firming purposes.
“We are excited to be working with a top-tier developer like
Hecate,” said Joe Mastrangelo, Chief Executive Officer at Eos.
“During the last 18 months, we have been intensely focused on
operationalizing our company and bringing our low-cost, nontoxic,
nonflammable, zinc-based battery solutions to the marketplace. The
investment in our state-of-the-art manufacturing facility in
Pittsburgh, PA is paying dividends as we are processing battery
orders from customers all over the world. This agreement with
Hecate is another significant milestone in our company’s tremendous
growth and, importantly, it’s further confirmation that major
energy developers are increasingly searching for lower cost and
competitive non-lithium options like ours for major projects. Our
tangible pipeline has grown by over 70 percent in the last several
months and we look forward to continuing this positive commercial
momentum.”
“Hecate is thrilled to work with Eos,” said Fazli Qadir, Chief
Technology Officer of Hecate Energy. “Eos’ technology is a great
fit for the longer-duration application requirements of these
projects, and we’re excited by the ability of Eos’ solutions to
flexibly operate across a range of use cases that are front and
center in the energy industry.”
Eos’ zinc-based battery systems are made in the United States
and were designed specifically for the stationary storage market.
They are unique for their scalable design, ability to withstand
extreme temperatures, widely available and non-rare earth
materials, and full recyclability. The system is also a
cost-effective energy storage solution, with a 15-year to 30-year
life and minimal installation and maintenance costs.
As previously announced, B. Riley Principal Merger Corp. II
(“BMRG”), a publicly traded special purpose acquisition company,
and Eos have entered into a definitive merger agreement for a
business combination that would result in Eos becoming a publicly
listed company. Upon closing of the transaction, the combined
company will be renamed Eos Energy Enterprises, Inc. (“Eos Energy”)
and intends to list its shares of common stock on Nasdaq under the
ticker symbol “EOSE”.
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by
deploying stationary storage solutions that can help deliver the
reliable and cost-competitive power that the market expects in a
safe and environmentally sustainable way. Eos has been pursuing
this opportunity since 2008 when it was founded. Eos has more than
10 years of experience in battery storage testing, development,
deployment, and operation. The Eos Aurora® system integrates Eos’
aqueous, Znyth® technology to provide a safe, scalable, and
sustainable alternative to lithium-ion.
https://eosenergystorage.com
About Hecate Energy
Headquartered in Chicago, Illinois, Hecate Energy is a leading
developer, owner and operator of utility scale solar, wind and
energy storage projects. Over the last 8 years, Hecate has
developed and built hundreds of megawatts of operating renewable
projects totaling over $1 billion in asset value, and has entered
into more than 1 GW of renewable energy PPAs. Hecate has leveraged
its extensive knowledge of power markets, energy development and
operations experience to become one of the fastest growing
renewable energy companies in the United States. The company is in
offtake negotiations for over an additional 2GW of new solar
projects, with a mid-stage pipeline of about 12 GW of projects
under development, and an active pipeline in excess of 20 GW.
https://www.hecateenergy.com/
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses.
Additional Information about the Business Combination
In connection with the business combination, BMRG has filed a
definitive proxy statement with the United States Securities and
Exchange Commission (“SEC”). BMRG stockholders and other interested
persons are advised to read the definitive proxy statement, in
connection with BMRG’s solicitation of proxies for the meeting of
stockholders to be held to approve, among other things, the
proposed business combination, because the proxy statement will
contain important information about BMRG, Eos and the proposed
business combination. The definitive proxy statement has been
mailed to BMRG stockholders as of the record date established for
voting on the proposed business combination. Stockholders can
obtain copies of the proxy statement, without charge at the SEC’s
website at www.sec.gov. Copies of the documents filed with the SEC
by BMRG when and if available, can be obtained free of charge by
directing a written request to B. Riley Principal Merger Corp. II,
299 Park Avenue, 21st Floor, New York, New York 10171 or by
telephone at (212) 457-3300.
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version on businesswire.com: https://www.businesswire.com/news/home/20201104005496/en/
For Eos Energy Storage LLC
Investors Ed Yuen ir@eosenergystorage.com
Media James McCusker media@eosenergystorage.com
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