Eos Energy Enterprises Invited to Submit Part II Loan Application by U.S. Department of Energy
Zinc battery company to expand domestic manufacturing capabilities
EDISON, NJ, Feb. 24 10, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient and sustainable zinc-based energy storage systems, today announced today that it has completed Part I of the US Department of Energy’s (“DOE”) Renewable Energy and Energy Efficiency Loan Program. To be invited to submit a Part II loan application, Eos had to demonstrate to the DOE that Eos’ Znyth™ battery uses innovative technology and avoids or reduces greenhouse gas emissions. Eos will now proceed to Part II of the loan application process in support of the previously announced expansion of its domestic Turtle Creek manufacturing plant to more than triple its capacity to 800 MWh by the end of the year. year.
Located outside of Pittsburgh, Pennsylvania, the expanded Turtle Creek facility is expected to create more than 125 green jobs and provide Eos with an additional 46,000 square feet of space to expand production of its Znyth aqueous zinc battery technology. ™ as customer demand continues to grow.
“We are very pleased and grateful to the DOE for inviting Eos to submit a Part II loan application,” said Joe Mastrangelo, CEO of Eos. “The DOE offers high-growth American companies like Eos the opportunity to lead the global energy transition by fostering a renaissance of domestic manufacturing in the United States. Eos has invested in a national supply chain where 80% of our raw materials are within a five-hour drive of our factory – and our goal is to be over 90% by the end of 2022. We We are excited to begin the Part II process and continue to develop Eos as a leader in flexible, long-duration energy storage.
The Renewable Energy and Energy Efficient Project Loan Program provides incentives to new and established renewable energy providers to implement projects, including manufacturing projects, to support and help reinvigorate, advance and transform America’s energy infrastructure. Through its Title 17 Innovative Energy Loan Guarantee Program, it can help finance catalytic, replicable, and market-ready renewable energy and efficient energy technologies with $3.0 billion in loan guarantees available. The program aims to help close the gap in commercial financing for energy projects in the United States that use innovative technology to reduce, avoid, or sequester greenhouse gas emissions.
The DOE’s Lending Programs Office (“LPO”) invitation to Eos to apply for a Part II loan guarantee reflects LPO’s determination that its project meets the stated technical eligibility requirements. in the applicable LPO solicitation based on the documents submitted to the DOE at the time of its determination. DOE’s invitation to submit a Part II application, however, does not guarantee that DOE will invite Eos into the due diligence and term sheet negotiation process, that DOE will propose a term sheet to Eos, or that the terms of a term sheet will conform to the terms offered by Eos. The foregoing matters are entirely dependent upon the results of DOE’s review and evaluation of a Part II application, and DOE’s decision whether or not to proceed.
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that are transforming the way the world stores energy. Our revolutionary Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable – and made in the USA – it’s the heart of our innovative systems that provide utility, industrial and commercial customers today with a proven and reliable energy storage alternative. Eos was founded in 2008 and is based in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
This press release contains 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”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: changes that adversely affect the business in which we engage; our ability to predict trends accurately; our ability to generate cash, repay debt and incur additional debt; our ability to develop efficient manufacturing processes at scale and accurately predict associated costs and efficiencies; fluctuations in our revenues and results of operations; competition from existing or new competitors; the non-conversion of the firm order backlog into sales; risks associated with security breaches in our computer systems; risks relating to legal proceedings or claims; risks associated with changes in federal, state or local laws; risks associated with potential regulatory compliance costs; risks associated with changes in US 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 described in greater detail in Eos’ latest filings with the Securities and Exchange Commission, including Eos’ latest annual report. ‘Eos on Form 10-K. and subsequent reports on Forms 10-Q and 8-K. Further information about potential risks that could affect actual results will be included in subsequent periodic and current reports and other filings by Eos with the Securities and Exchange Commission from time to time. In addition, Eos operates in a highly competitive and rapidly changing environment, and new risks and uncertainties may emerge that could impact 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 place undue reliance on forward-looking statements and, except as required by law, Eos undertakes no obligation and does not intend to update or revise such forward-looking statements, whether whether as a result of new information, future events, or otherwise.