Eos Energy Enterprises Shares Spike After Securing Over 1 GWh in New Orders, More Than Doubles Backlog to Over $460 Million
Jul 6, 2022 By MarketDepth
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) shares jumped more than 20% after the Company announced the signing of two significant orders with Bridgelink Commodities, LLC (“Bridgelink”) and a leading Northeast solar developer totaling 1.1 GWh of energy storage capacity to be delivered over the next three years.
40MWh Being Delivered Fourth Quarter
Bridgelink increased its multi-year master supply agreement (“MSA”) to 1 GWh for deliveries over the next three years with an incremental order value of $181 million for new project installations. In addition, Eos will manufacture a separate 40MWh order valued at $13 million for fourth quarter 2022 delivery.
“We’ve built a strong working relationship with Eos and are proud to bring American-made technology to the ERCOT market in Texas. Eos’ technology allows us the flexibility to meet the growing demand profile of ERCOT and bring more power to US consumers when needed.”Bull Flaherty, Managing Director at Bridgelink
Eos Znyth™ battery 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.
“Over the past six months our opportunity pipeline increased to more than 20GWh, and we are excited to start seeing those opportunities convert into orders,” said Joe Mastrangelo, CEO of Eos. “These orders fit perfectly with our ongoing manufacturing capacity expansion which we began late last year. Growing our relationship with customers like Bridgelink demonstrates how our flexible technology allows our customers to serve a variety of use cases.”