EDISON, N.J., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced financial results for the full year ended December 31, 2020.
Eos Chief Executive Officer Joe Mastrangelo said, “I’m extremely proud of what we’ve accomplished. Throughout a challenging year, the team at Eos pushed forward to execute on our mission: to accelerate the shift to clean energy with solutions that transform how the world stores power.”
“The increase in energy decentralization, democratization, decarbonization, and demand that Eos envisioned when we were founded more than 12 years ago is playing out,” continued Mastrangelo. “Our Znyth battery technology — optimized for 3- to 12-hour duration — and flexible storage system configurations are well positioned to support the new customers and needs of this evolving energy landscape.”
Mastrangelo concluded, “The market’s response to the Eos approach has been astounding. We’ve shown that the safety, scalability, efficiency, sustainability, and low total cost of ownership of our solution is resonating. The opportunity we have in front of us is extremely promising.”
2020 Business Highlights
Eos made meaningful progress in 2020 on key priorities:
- Built the Hi-Power facility located in Pittsburgh, PA, in partnership with Holtec International
- Integrated the supply chain, establishing strategic supplier relationships
- Launched the Eos Znyth® 2.3 battery
- Manufactured the first commercial order to be shipped January 2021
- Grew pipeline to $3.5 billion as of January 2021
- Successfully listed on Nasdaq
2020 Financial Highlights
Eos finalized the business combination with B. Riley Principal Merger Corp. II in November 2020, which resulted in net proceeds of $126 million after transaction costs and other cash outflows related to the merger. As of December 31, 2020, Eos had cash and cash equivalents of $122 million after additional post-transaction expenses, capital expenditures, general administrative expenses, and cost of sales.
For the year ended December 31, 2020, total revenue was $0.2 million primarily attributable to recognition of previously deferred revenue. Cost of sales were $5.5 million predominantly from the Hi-Power Joint Venture as production began in 2020 and as a result, we manufactured few batteries in the year, which resulted in higher attribution of fixed costs and overhead charges. Research & Development expenses were $14.0 million as higher costs were incurred due to significant continued investments in technology and the UL certification process.
2021 Outlook
Eos announced the following outlook for full year 2021:
- Revenue of $50 million
- Backlog of $300 million as of December 31, 2021 to meet our commitments in 2022 and beyond
Eos expects to continue to make investments in its capabilities, technology, and organization. Additional priorities include:
- Expand manufacturing capacity to 800 MWh
- Receive UL certification (expected by 2Q, 2021)
- Launch Generation 3.0 product technology
- Invest in people and culture
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth® aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it's the core of our innovative systems that today provide utility, industrial, commercial, and residential customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
