Welcome to our dedicated page for Eos Energy Enterprises news (Ticker: EOSE), a resource for investors and traders seeking the latest updates and insights on Eos Energy Enterprises stock.
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) is a pioneering firm dedicated to revolutionizing the energy storage landscape with innovative and sustainable solutions. Founded in 2008 and headquartered in Edison, New Jersey, Eos designs, develops, manufactures, and markets zinc-based energy storage systems tailored for utility-scale, microgrid, and commercial & industrial (C&I) applications.
At the heart of Eos' offerings is the Znyth™ aqueous zinc battery, a breakthrough technology engineered to surpass the limitations inherent in traditional lithium-ion batteries. Featuring a proprietary rechargeable zinc hybrid cathode, the Znyth battery is noted for its safety, scalability, efficiency, and sustainability. It is capable of over 5,000 cycles, which translates to a lifespan of approximately 15 years, and is sold at an economical rate of $160/kWh.
Eos' flagship product, the Eos Znyth, is a stationary battery energy storage system primarily employed in the utility sector, the renewable energy industry, and the industrial sector. These systems provide a reliable and cost-efficient energy storage solution for 3 to 12-hour applications, making clean and reliable electricity more accessible and affordable.
Recent achievements include the company's solid financial performance with a 41% year-over-year improvement in full-year gross margins. Eos also completed the Factory Acceptance Testing on its state-of-the-art manufacturing line 1 and is on track for its Q2 commissioning. Moreover, Pine Gate Renewables has committed to 500 MWh of Eos energy storage systems over the next five years.
Eos continues to enhance its market position through strategic partnerships and innovations. Its products are manufactured in the U.S., ensuring quality and reliability for its diverse customer base, which includes utility companies, industrial firms, and commercial enterprises.
For more details, visit the official Eos Energy Enterprises website.
Eos Energy Enterprises reported Q3 2022 revenue of $6.1 million, up $5.3 million year-over-year, driven by a 15% increase in Energy Block units revenue. The current opportunity pipeline grew to $7.3 billion, with a booked orders total of $324.8 million and a backlog of $452.2 million. Cost of goods sold was $50 million, influenced by increased volume and logistics costs. The company revised its full-year revenue guidance to $17-$20 million, shifting some revenue into 2023 to optimize tax benefits under the Inflation Reduction Act.
Eos Energy Enterprises announced a $13.5 million order for a 35 MWh energy storage system as part of the Viejas Enterprise Microgrids project in collaboration with California Energy Commission and Indian Energy. The project, funded by a grant from the CEC’s Long-Duration Energy Storage Program, will utilize Eos's Znyth™ zinc-based battery technology. This initiative aims to enhance California's clean energy capabilities, contributing to the state's net zero greenhouse gas emissions goals.
Eos Energy Enterprises (NASDAQ: EOSE) has revised its 2022 revenue outlook to between $17 million and $20 million, primarily due to the Inflation Reduction Act (IRA), which is expected to lower costs for energy storage systems. The IRA provides significant tax credits for projects that meet certain conditions, effective from 2023. Eos plans to delay production to fully leverage these benefits, focusing on its new Eos Z3 battery design, which aims to enhance scalability and reduce costs. Additionally, Eos is progressing through the DOE’s loan evaluation process for manufacturing expansion.
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) will release its third quarter 2022 financial results after market close on November 7, 2022. A conference call is scheduled for November 8 at 8:30 a.m. ET to discuss these results. Interested parties can access the live webcast on the Company’s Investor Relations page. The conference call replay will be available via webcast starting November 8 at 11:30 a.m. ET. Eos focuses on innovative, sustainable energy storage solutions, particularly through its Znyth™ aqueous zinc battery technology, manufactured in the U.S.
Eos Energy Enterprises has moved into full due diligence with the U.S. Department of Energy's Title XVII Innovative Clean Energy Loan Guarantee Program after completing its Part II loan application. The due diligence phase is key for Eos to negotiate terms for a potential loan to support its manufacturing expansion aimed at achieving 3GWh of production capacity. The company boasts a robust backlog of $457 million and a pipeline opportunity of 27 GWh valued at approximately $7 billion, positioning it favorably in the growing clean energy market.
Eos Energy Enterprises (NASDAQ: EOSE) appointed Jeff Bornstein to its Board of Directors on September 7, 2022. Bornstein, a former CFO and Vice Chairman of GE, brings over three decades of experience in clean energy and industrial sectors. He has been an Eos investor since 2019 and is expected to utilize his extensive background to bolster Eos's mission of advancing clean energy solutions. Chairman Russ Stidolph emphasized Bornstein's role as a key asset for Eos in the rapidly growing market for energy storage systems.
On September 1, 2022, Verdant Microgrid announced the successful deployment of a new energy storage microgrid at ThermalVac Technologies in California. Utilizing advanced Znyth™ aqueous zinc batteries from Eos Energy Enterprises, this microgrid will save costs by reducing demand charges from utilities. The project, which provides around 500 kW of energy storage for four hours daily, marks a significant step in California’s Self Generation Incentive Program. Verdant aims to enhance the resilience of energy supply, minimizing outage impacts for clients.
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) announced an additional borrowing of $9.6 million, increasing its senior secured term loan to $94.7 million. This funding aims to bolster the company’s manufacturing capacity and support the development of next-generation energy storage systems. With a backlog of $460 million in orders, the funds will aid in general corporate purposes as well. CFO Randall B. Gonzales emphasized that this facility allows Eos to accelerate its shift towards clean energy.
Eos Energy Enterprises (NASDAQ: EOSE) reported robust results for Q2 2022, with a 79% sequential revenue increase to $5.9 million, and 28% growth compared to 2021. They booked $257.5 million in orders, quadrupling Q1's figures, and the backlog rose to $457.3 million. Manufacturing capacity grew by 70% to 536 MWh. Though costs remained stable, they reduced bill of material costs by 24%. Eos secured an $85 million term loan to support future growth. The commercial pipeline stands at $7 billion.
Eos Energy Enterprises has successfully closed an $85 million senior secured term loan facility with Atlas Credit Partners. This financing improves the company's financial flexibility, allowing for an acceleration of manufacturing capacity expansion and work towards a backlog of orders totaling $460 million. Eos has a current backlog of 1.9 GWh driven by demand for its U.S.-made energy storage systems. The loan includes an option for an additional $15 million, subject to lender consent, and carries an interest rate based on SOFR plus 8.5%.
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