Business
Eos Energy Enterprises Reports Third Quarter 2021 Financial Results
EDISON, N.J., Nov. 10, 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., Nov. 10, 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 third quarter ended September 30, 2021. Recent Business Highlights Booked orders of $137.4 million year-to-date resulting in backlog of $151.8 million, as of November 10, 2021$3.4 million in product shipped, as of November 10, 2021Substantial improvement in manufacturing quality and yields; continue to affirm our model to achieve high scalability, low ramp lead time and low investment materiality risk vs. alternate storage technologiesOn October 5, 2021, Eos announced a $25 million equipment financing agreement with Trinity Capital to enhance manufacturing operations and further scale productionOn November 10, 2021, Eos announced a commitment from Blue Ridge Power to purchase 300 MWh of energy storage systems over the next two years for projects developed by Pine Gate Renewables Eos Chief Executive Officer Joe Mastrangelo said, “The demand for longer duration energy storage applications continues to grow, and the benefits of our technology, including the low cost of ownership, scalability, safety and operational flexibility, have continued to resonate in the marketplace. We continue to build commercial momentum with marquee customers in the energy market, including orders from Ameresco and a follow-on order with Duke Energy. We are particularly pleased to see our efforts result in the recent 300 MWh order from Blue Ridge Power and Pine Gate Renewables, the largest order in company history.” Mastrangelo concluded, “Like many in our industry, Eos has not been immune to the macro headwinds related to labor and cost inflation and global supply chain constraints, which have contributed to project delays for energy storage projects. There continues to be timing risk in our pipeline, which is why we are updating our guidance for booked orders at year-end to a range of $175 million to $300 million. We remain confident in our long-term prospects, as we have maintained a strong pipeline of opportunities and continue to ramp our manufacturing capacity and improve yields. We believe our proven differentiated technology and competitive value proposition leaves Eos well-positioned to capitalize on the ...