Eos Energy Announces Key Customer Orders in Critical Markets to Increase Backlog to $30 million
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced booked orders from key customers, including Hecate Energy, Azure Power and ZGlobal Inc., to meet increased demand for energy storage in critical markets such as Texas, California and India.
The Hecate project in Texas is the first booked order as part of the broad-ranging agreement to provide over 1 GWh of energy storage projects to Hecate Energy (“Hecate”), which Eos announced in November 2020.
Hecate is a leading global developer, owner and operator of solar, natural gas, wind, and energy-storage projects, with 2.1 GW contracted and a pipeline of 12+ GW. Given recent grid challenges in Texas resulting from winter storms, energy storage is more important than ever to ensure a reliable, resilient grid.
Eos clean energy solutions provide value to grid operations by integrating renewable electricity and providing this much needed grid support. This project, and the broader arrangement with Hecate, are aimed to address this specific need in many utilities across Texas.
The Azure project is part of a large solar development in India where Eos energy storage solutions will be installed to provide solar shifting. Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-India portfolio of 6.9 GWh as of February 28, 2021.
India’s renewable market has seen dramatic growth over the past few years, and storage is starting its upswing, particularly as independent power producers (“IPPs”), such as Azure Power, commit to using only renewable-generated electricity in the nation’s Round-the-Clock Auctions.
Eos’s success in India is driven by its earlier deployment of energy storage systems with a leading IPP to support solar shifting in this critical market, which demonstrated the safety and resilience of Eos’s technology in harsh environments, including temperatures as high as 45°C.
The ZGlobal project in California is paired with a solar project and represents a new long-term relationship for the Company. ZGlobal Inc. is a power engineering consultancy firm staffed by veterans of the California Independent System Operator (“CAISO”) and various California utilities.
“Texas and California represent key areas of growth for Eos in the U.S., while India presents great potential for our global expansion plans. We are pleased to secure orders from marquee customers in all of these markets, which we believe validates Eos’s technology solution with top tier mainstream customers to address long duration use cases such as renewable shifting,” said Balki Iyer, Chief Commercial Officer of Eos.
“We continue to see strong sales momentum as the benefits of our technology, including the low cost of ownership, minimal carbon footprint and resilient supply chain, continue to resonate in the market as customers recognize that storage is crucial to saving energy and redefining the grid.
With this announcement, Eos’s orders backlog has grown to approximately $30 million, which includes more than 20 orders totaling approximately 107 MWh over the past six months. In addition, the Company strengthened its pipeline to more than $3.5 billion with expected delivery over the next four years.”
The Eos Znyth® technology can be used for front-of-meter grid installations and behind-the-meter industrial applications, among other use cases. The zinc-powered batteries can be deployed as both standalone storage and paired with renewables on the electric grid, in addition to being used in commercial & industrial facilities.
