EOS Energy Storage

EOS Energy Storage (EOS), a Nasdaq-listed producer of next-generation zinc-based long-duration batteries (more specifically, zinc-hybrid cathode batteries) as an alternative to conventional lithium-ion batteries. EOS claims that its flagship solution, EOS Z3 battery, is the first commercially available alternative that is competitive with lithium-ion batteries, both in terms of price and performance. The EOS Z3 battery can be used to stabilize the grid during peak hours and also to manage the intermittent supply of renewable energy solutions. Moreover, EOS claims that materials used in EOS Znyth are derived from non-rare earth and non-conflict minerals that are also fully recyclable.

EOS Znyth has a three to 12-hour discharge capability and is modularized to be scaled and configured according to given requirements, allowing EOS Znyth to be used across a variety of applications including large grid-scale energy storage projects, large and small solar projects, commercial or industrial projects, and in-building urban projects.

In August 2023, EOS reported plans to develop a USD 500 million long-duration stationary energy storage project, known as American Made Zinc Energy (AMAZE), in Pennsylvania to manufacture the company's Eos Z3 energy storage systems. The company plans to scale its annual production to 8 GWh of storage capacity by 2026.

Key customers and partnerships

In December 2021, EOS signed a long-term strategic agreement with TETRA Technologies, a global leader in commercial applications of calcium chloride, to support the production of EOS’ innovative “Znyth” aqueous zinc battery. EOS’s key customers include utilities and industrial companies such as Duke Energy, NextEra Energy, IEP, CHES, Hecate Energy, Shell, Pattern Energy and Bridgelink Commodities.

In November 2022, EOS partnered with Invinity Energy Systems to provide battery systems to a 60 MWh solar-plus-storage microgrid developed by Indian Energy. In August 2023, EOS partnered with ACRO Automation Systems for the design, development, and implementation of its high output manufacturing lines. In September 2023, Dominion Energy Virginia partnered with Form Energy and EOS to carry out a battery storage pilot project that could increase the length of time batteries are able to discharge electricity to the grid.

Funding and financials

In September 2023, EOS secured a conditional loan guarantee of up to USD 398.6 million from the Department of Energy. EOS intended to use the funds to expand its manufacturing plant in Turtle Creek, Pennsylvania.

Prior to this, in August 2022, EOS received a four-year senior secured term loan facility of USD 85 million from Atlas Credit Partners. In April 2022, EOS secured a USD 200 million common stock standby equity purchase agreement (SEPA), led by Yorkville Advisors. In July 2021, the company secured USD 100 million in convertible notes from Koch Strategic Platforms, a subsidiary of Koch Investments Group, to support the company’s strategic growth initiatives.

EOS was listed on the Nasdaq stock exchange in November 2020. The company reported revenue of USD 16.4 million in FY2023 and operating loss of USD 1522.9 million for the same period.