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Eos Energy Enterprises Begins 2021 Propelled by Strong Demand for Energy Storage building a $16MM Orders Backlog
EDISON, N.J., Jan. 13, 2021 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"EDISON, N.J., Jan. 13, 2021 (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 strong sales momentum over the past 90 days towards meeting its 2021 growth objectives. As of December 31, 2020, Eos logged $16 million of booked orders. Additionally, the company secured firm commitments supported by customer technical sections and letters of intent for an additional $550 million with expected delivery over the next three years. Eos entered binding agreements with a variety of top energy companies, including utilities and microgrid developers, to provide long-duration energy storage for multiple customer use cases. Nearly 20% of these agreements are for extended partnerships, with the longest spanning up to 20 years. “The market’s response to our technology has been astounding,” said Joe Mastrangelo, CEO of Eos. “We have shown that the safety, reliability and sustainability of our product is resonating with customers across multiple market segments and use cases. The opportunity we have in front of us is extremely promising.” The Eos Znyth® technology can be used for front-of-meter grid installations and behind-the-meter industrial applications, among other use cases. Over the summer, an Eos installation proved its effectiveness in extreme conditions when called upon to address grid stabilization issues during California’s rolling blackouts. Earlier this month, Eos announced that it secured its largest customer order in company history, $20 million, to supply EnerSmart with at least 90MWh of energy storage over the next two years beginning with a project site in El Cajon, CA. In addition to multiple locations across the U.S., Eos is installing systems at project sites around the world, including Greece in collaboration with Motor Oil and Nigeria with Nayo Tropical Technology Ltd. “Eos continues to make strong progress in 2021 and remains focused on growing pipeline, scaling manufacturing and building project execution capabilities to make Eos a global leader in long-duration storage. We believe our product — invented, designed, tested and manufactured in the U.S. — is positively ingenious in its technology, dedicated to delivering more and using less. We look forward to telling our unique story of ...