Zinc-based battery maker Eos unveils over 1 GWh of orders
The Eos Energy Block containerised solution. Source: Eos Energy Enterprises Inc
Eos Energy Enterprises Inc (NASDAQ:EOSE), an Edison, New Jersey-based provider of zinc-based energy storage systems, on Wednesday said it has secured 1.1 GWh of new orders to be delivered over the coming years.
The orders come from Bridgelink Commodities LLC and an unnamed Northeast solar developer.
Bridgelink has increased its multi-year master supply agreement to 1 GWh, to be supplied over the next three years. Under the original agreement, unveiled earlier in 2022, Bridgelink committed to buy 240 MWh with an option to expand to a total of 500 MWh. Eos said the increased deal represents an incremental order value of USD 181 million (EUR 178m) for new project deployments. The energy storage company will further deliver a separate 40-MWh order, worth USD 13 million, in the fourth quarter of 2022. Bridgelink is bringing Eos’ US-made technology to the ERCOT market in Texas.
Eos has also signed a master supply agreement for 300 MWh with the other customer. These systems, expected to be delivered over the next three years, will be used for front of the metre stand-alone storage and solar plus storage applications.
“Over the past six months our opportunity pipeline increased to more than 20 GWh, and we are excited to start seeing those opportunities convert into orders,” said Eos chief executive Joe Mastrangelo.
“These orders fit perfectly with our ongoing manufacturing capacity expansion which we began late last year,” Mastrangelo added.
Eos said it has more than doubled its backlog to more than USD 460 million and is on track to exceed USD 400 million of net new orders in the current year.