Business
Eos Energy Enterprises Reports Full Year 2020 Financial Results
Well-positioned to deliver in 2021 as demand shifts to longer-duration storage EDISON, N.J., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc.
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Well-positioned to deliver in 2021 as demand shifts to longer-duration storage\nEDISON, N.J., Feb. 25, 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 financial results for the full year ended December 31, 2020. Eos Chief Executive Officer Joe Mastrangelo said, “I’m extremely proud of what we’ve accomplished. Throughout a challenging year, the team at Eos pushed forward to execute on our mission: to accelerate the shift to clean energy with solutions that transform how the world stores power.” “The increase in energy decentralization, democratization, decarbonization, and demand that Eos envisioned when we were founded more than 12 years ago is playing out,” continued Mastrangelo. “Our Znyth battery technology — optimized for 3- to 12-hour duration — and flexible storage system configurations are well positioned to support the new customers and needs of this evolving energy landscape.” Mastrangelo concluded, “The market’s response to the Eos approach has been astounding. We’ve shown that the safety, scalability, efficiency, sustainability, and low total cost of ownership of our solution is resonating. The opportunity we have in front of us is extremely promising.” 2020 Business HighlightsEos made meaningful progress in 2020 on key priorities: Built the Hi-Power facility located in Pittsburgh, PA, in partnership with Holtec InternationalIntegrated the supply chain, establishing strategic supplier relationshipsLaunched the Eos Znyth® 2.3 batteryManufactured the first commercial order to be shipped January 2021Grew pipeline to $3.5 billion as of January 2021Successfully listed on Nasdaq 2020 Financial HighlightsEos finalized the business combination with B. Riley Principal Merger Corp. II in November 2020, which resulted in net proceeds of $126 million after transaction costs and other cash outflows related to the merger. As of December 31, 2020, Eos had cash and cash equivalents of $122 million after additional post-transaction expenses, capital expenditures, general administrative expenses, and cost of sales. For the year ended December 31, 2020, total revenue was $0.2 million primarily attributable to recognition of previously deferred revenue. Cost of sales were $5.5 million predomi...