U.S. Department of Energy Loan Programs Office Invites Eos Energy Enterprises, Inc. Into Due Diligence

EDISON, N.J., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has been invited to the due diligence stage of the U.S. Department of Energy’s (“DOE”) Title XVII Innovative Clean Energy Loan Guarantee Program under the Renewable Energy and Efficient Energy solicitation.

The DOE Loan Programs Office (“LPO”) invitation to Eos to enter into full due diligence represents an important progression in the LPO’s evaluation of Eos’ loan application. This stage includes LPO performing its due diligence of Eos’ project to expand manufacturing to support 3GWh of production capacity. During this stage, Eos and LPO will work to negotiate a Term Sheet setting out the principal terms and conditions of the loan. This work provides the LPO the foundation to advance the loan towards a Conditional Commitment. However, the DOE LPO’s invitation to due diligence is not an assurance that the DOE will offer Conditional Commitment or secure a loan to Eos under the DOE LPO.

As previously disclosed, Eos’ loan application is in support of the Company’s strategy to add domestic manufacturing capabilities for the production of its Znyth™ long-duration energy storage systems. Eos’ technology allows utilities, independent power producers, and grid operators including Independent System Operators, and Regional Transmission Operators to integrate intermittent renewable power generation more rapidly into the grid and will increase reliability, safety, and security of the nation’s electric power grid.

The Company’s orders backlog stands at $457 million as of the end of Q2, representing 1.9 GWh of storage expected to be delivered over the next several years. The market opportunity for alternative chemistry storage is growing due to increasing supply chain constraints for lithium-ion batteries. In addition, tax credits and other supportive policies in the recently passed Inflation Reduction Act legislation appear poised to supercharge the market for American clean tech companies and boosting domestic manufacturing investment. Eos’ opportunity pipeline is approximately 27 GWh with a potential value of $7 billion.

“We are very excited to be entering the full due diligence process with the LPO,” said Joe Mastrangelo, Chief Executive Officer of Eos. “Our potential partnership with the DOE would help Eos capture one of the fastest growing opportunities in the clean energy and energy transition sectors. Eos is at the forefront of establishing U.S. based manufacturing with a focus on developing a U.S. supply chain, which today is 80% American and is expected to reach 90% by year end.”

Eos employment has significantly grown over the past two years from 35 employees to 330 today in both Edison, New Jersey e Turtle Creek, Pensilvânia - áreas centrais para o desenvolvimento da rede elétrica do século passado. Como parte desse esforço, a EOS desenvolveu um programa de carreiras de energia limpa, projetada para garantir que a empresa tenha a força de trabalho necessária no Mon Valley à medida que escala a fabricação. A força de trabalho de fabricação da empresa em Turtle Creek é 50% minoritária, 20% veterana e 20% de mulheres. A expansão de fabricação planejada que seria financiada pelo empréstimo do DOE e outras fontes de capital acrescentariam cerca de 500 carreiras de energia limpa e, de acordo com uma conferência de Allegheny sobre estudo de desenvolvimento comunitário, encomendado pela EOS, apoiaria 1.500 empregos no sudoeste da Pensilvânia de uma base direta, indireta e induzida. O estudo também indica que a expansão planejada pode contribuir com mais de US $ 392 milhões em produção econômica regional e mais de US $ 169 milhões para o produto regional bruto da sudoeste da Pensilvânia.

SOBRE EOS
A EOS Energy Enterprises, Inc. está acelerando a mudança para a energia limpa com soluções positivamente engenhosas que transformam como o mundo armazena energia. Nosso avanço Znyth ^™ Bateria de zinco aquosa foi projetada para superar as limitações da tecnologia convencional de íons de lítio. Seguro, escalável, eficiente, sustentável - e fabricado nos EUA . - É o núcleo de nossos sistemas inovadores que hoje fornecem clientes utilitários, industriais e comerciais com uma alternativa de armazenamento de energia comprovada e confiável. A EOS foi fundada em 2008 e está sediada em Edison, Nova Jersey. Para obter mais informações sobre EOS (NASDAQ: EOSE), visite eose.com. This press release includes certain statements that may constitute "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our ability to secure a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, statements that refer to projections, forecasts or other characterizations of future eventos ou circunstâncias, incluindo quaisquer suposições subjacentes. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Os fatores que podem causar resultados reais diferem materialmente das expectativas atuais, mas não estão limitadas a: mudanças afetam adversamente os negócios em que estamos envolvidos; nossa capacidade de prever tendências com precisão; nossa capacidade de garantir comprometimento condicional ou aprovação final de um empréstimo do Departamento de Energia; nossa capacidade de gerar dinheiro, endividamento de serviços e incorrer em endividamento adicional; nossa capacidade de desenvolver processos de fabricação eficientes para escalar e prever custos e eficiências relacionados com precisão; flutuações em nossa receita e resultados operacionais; concorrência dos concorrentes existentes ou novos; a falha em converter o backlog da ordem da empresa em receita; riscos associados a violações de segurança em nossos sistemas de tecnologia da informação; riscos relacionados a procedimentos ou reclamações legais; riscos associados a mudanças nas leis federais, estaduais ou locais; riscos associados a custos potenciais de conformidade regulatória; riscos associados a mudanças nas políticas comerciais dos EUA; riscos resultantes do impacto das pandemias globais, incluindo o novo coronavírus, CoVID-19; e riscos relacionados a mudanças adversas nas condições econômicas gerais. As declarações prospectivas contidas neste comunicado à imprensa também estão sujeitas a riscos adicionais, incertezas e fatores, incluindo os descritos mais completos nos registros mais recentes da EOS na Comissão de Valores Mobiliários, incluindo o relatório anual mais recente da EOS sobre o Formulário 10-K e os relatórios subsequentes sobre os formulários 10 Q e 8-K. Informações adicionais sobre riscos potenciais que podem afetar os resultados reais serão incluídos nos relatórios periódicos e atuais subsequentes e outros registros que a EOS faz na Comissão de Valores Mobiliários de tempos em tempos. Além disso, a EOS opera em um ambiente muito competitivo e em rápida mudança, e novos riscos e incertezas podem surgir que podem ter um impacto nas declarações prospectivas contidas neste comunicado à imprensa. As declarações prospectivas falam apenas a partir da data em que são feitas. Os leitores são advertidos por não confiar indevidos em declarações prospectivas e, exceto conforme exigido por lei, a EOS não assume nenhuma obrigação e não pretende atualizar ou revisar essas declarações prospectivas, seja como resultado de novas informações, eventos futuros ou outros. Mídia: media@eose.com

Forward-Looking Statements
This press release includes certain statements that may constitute "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our ability to secure a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to secure conditional commitment or final approval of a loan from the Department of Energy; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos’s most recent filings with the Securities and Exchange Commission, including Eos’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.