Eos Energy Enterprises, Inc. (NASDAQ: EOSE), a leading provider of
safe, scalable, efficient, and sustainable zinc-powered
long-duration stationary energy storage systems, today announced
Project AMAZE —American Made Zinc Energy, a $500 million planned
expansion and a significant milestone to build 8 GWh of clean
energy storage production capacity.
Project AMAZE supports Eos' strategy to address increased
long-duration energy storage demand driven by the Inflation
Reduction Act (IRA) implementation, using its Eos Z3™ energy
storage system. The project secured an up to $398.6 million
conditional commitment for a loan guarantee from the DOE LPO, the
result of a rigorous and thorough due diligence process by the DOE
that, if the loan is finalized, would fund 80% of Eos’ planned
expansion.
In 2018, Eos brought its production and supply chain back to the
United States from China, and the expanded facility would further
build on Eos’ investment in American manufacturing with the
increased production of its zinc-based energy storage systems.
“Manufacturing has been in my family for generations”, stated Eos
machine operator Bill Porter, “We’re making things that matter and
this is what modern manufacturing looks like.”
The issuance of conditional commitment by the DOE was preceded
by legal, technical and commercial due diligence by the LPO to
evaluate the loan and the project’s potential to meet market demand
and commercial and environmental benchmarks. While this conditional
commitment demonstrates the Department’s intent to finance the
project, several steps remain for the project to reach critical
milestones, and certain technical, legal and financial conditions
must be satisfied and diligenced to the satisfaction of DOE before
the Department enters into definitive financing documents and funds
the loan.
The Eos Z3™ battery contains predominately American components
and is specifically designed for mass production and meeting
low-cost, long-duration, grid-scale stationary energy storage
needs. Domestic production better positions Eos to access the 45X
advanced manufacturing direct pay tax credits available under the
IRA. The Eos Z3™ battery is based on Eos’ 15-year history of
developing the Znyth™ battery technology, which uses earth-abundant
raw materials in its manufacturing and is intended to overcome many
limitations in other stationary energy storage solutions.
“We are excited to formally announce Project AMAZE. The IRA
implementation requires us to move with speed and urgency if the
energy industry is going to meet the demand for long-duration
energy storage,” said Joe Mastrangelo, CEO of Eos Energy
Enterprises, Inc. “At such a crucial moment in our global energy
transition, time is of the essence. On behalf of all Eos employees,
we want to thank the LPO for giving us the opportunity to reach
this important milestone. Project AMAZE should allow Eos to
fully commercialize a safe American-made energy storage alternative
aimed at creating a resilient, diversified lower carbon energy
future.”
Eos believes that the secular shift in the energy mix requires
an accelerated implementation of its capacity expansion plan to
meet the increased demand for Eos Z3™ technology that is currently
in semi-automated commercial production. Eos announced last week
the selection of ACRO Automation Systems to partner in the design,
development and implementation of up to four state-of-the-art high
output manufacturing lines. ACRO is a recognized leader in
high-speed, custom-designed automated manufacturing systems.
“We are putting in place all the elements that will allow us to
build an efficient, optimized, state-of-the-art production facility
at scale to deliver on a nearly 200 GWh market opportunity,” said
Nathan Kroeker, Eos’ Chief Financial Officer. “We believe we can
pair the conditional commitment from the DOE with private capital
and state and local investment programs to meet our
requirements.”
Project AMAZE can potentially foster economic growth and job
creation, as it is expected to bring approximately 650 new green
jobs to Pittsburgh once the facility successfully achieves full
operational capacity. “Here in Pittsburgh, we’ve definitely always
made things,” said Eos shift supervisor Brian Vason, “I did not go
to college or have any special training, and these jobs provide
opportunities that are good for the town and good for the future.”
Eos is proud to partner with the Allegheny Conference on Community
Development and its economic development affiliate, the Pittsburgh
Regional Alliance, The Heinz Endowment, The Mon Metro Chamber of
Commerce, University of Pittsburgh, Carnegie Mellon University,
Partner4Work, Trade Institute of Pittsburgh, Woodland Hills School
District, and Community College of Allegheny County to attract a
strong local workforce and build green tech careers.
Eos recently concluded six workforce development listening
sessions with communities surrounding its manufacturing facility in
the Mon Valley. Eos has committed to a partnership with The Mon
Metro Chamber of Commerce to develop new educational STEM programs
that extend beyond the 8th grade and into high school. Eos will
also seek avenues to support the replacement of blighted houses
with affordable housing, and stabilization of the local electric
grid, which currently suffers regular power outages during heavy
rainfall.
“Eos energy storage systems symbolize American ingenuity.
Invented with American minds, built with American hands, made with
American equipment, using primarily American materials, I believe
Eos will help power the future while creating green tech careers in
the Mon Valley and across America,” said Mimi Walters, Eos Board
Member and former Member of Congress.
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.
Forward-Looking Statements / Disclaimer
This 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 the Department of Energy Loan
approval process, our ability to satisfy the conditions precedent
for obtaining the loan guarantee from Department of Energy,
ultimate approval and funding of the loan guarantee by the
Department of Energy, the prospect and execution of Project AMAZE,
including timing and related statements, 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 secure final approval of a loan
guarantee from the Department of Energy or the timing and final
amount of any loan; our ability to generate cash, service
indebtedness and incur additional indebtedness; our ability to
secure financing to continue expansion; our ability to secure
grants or other federal, state and local investment; our ability to
secure satisfactory intercreditor arrangements or modifications
with respect to our existing debt financings; our customer’s
ability to secure project financing; 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 and pipeline to revenue; the failure to sufficiently reduce
manufacturing costs, potential delays in the launch of our Eos Z3
battery; inefficient implementation of the Inflation Reduction Act
of 2022; the amount of final tax credits available to our customers
or to Eos pursuant to the Inflation Reduction Act; risks associated
with security breaches in our information technology systems; the
risk of a government shutdown as Eos remains in due diligence on
its loan application with the U.S. Department of Energy Loan
Programs Office or while we await approval and funding of any loan
guarantee; 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 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; 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 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.
Contacts |
|
Investors: |
ir@eose.com |
Media: |
media@eose.com |
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