Eos Energy Storage and Global Renewable Developer Hecate Energy to Deliver Over 1 GWh of Energy Storage Projects Across the United States Over the Next Two Years

NOVEMBER 4, 2020 - EDISON, N.J.— Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe, reliable, low-cost zinc battery storage systems, today announced that it has signed a broad-ranging agreement to provide over 1 GWh of energy storage projects at an estimated value of more than US $ 250 milhões à Hecate Energy ("Hecate"), um desenvolvedor global, proprietário e operador líder de projetos solares, de gás natural, eólica e de armazenamento de energia. Os projetos são uma mistura de armazenamento e armazenamento de bateria independentes emparelhados com fotovoltaicos solares ("PV") para capacidade de energia renovável. O anúncio do contrato com o Hecate expande ainda mais os compromissos de tubulação da EOS para 3 GWh e, após a conclusão de várias condições de fechamento habituais, os pedidos de compra do Hecate são esperados nos próximos seis meses. Muito mais adequado para melhorar a resiliência geral da grade e fins de captação de capacidade.  “Durante os últimos 18 meses, focamos intensamente em operacionalizar nossa empresa e trazer soluções de bateria de baixo custo, não tóxico, não inflamável e baseado em zinco para o mercado. O investimento em nossas instalações de fabricação de última geração, a Pittsburgh, que está pagando a Pit. É uma confirmação adicional de que os principais desenvolvedores de energia estão cada vez mais buscando custos e opções de não lítio competitivas como a nossa para grandes projetos. "A tecnologia da EOS é uma ótima opção para os requisitos de aplicação de longo prazo desses projetos, e estamos entusiasmados com a capacidade das soluções da EOS de operar de maneira flexível em uma série de casos de uso que estão na frente e no centro da indústria de energia". Eles são únicos para seu design escalável, capacidade de suportar temperaturas extremas, materiais terrestres amplamente disponíveis e não raros e reciclabilidade total.  O sistema também é uma solução de armazenamento de energia econômica, com uma vida útil de 15 a 30 anos e custos mínimos de instalação e manutenção. Após o fechamento da transação, a Companhia Combinada será renomeada pela EOS Energy Enterprises, Inc. ("EOS Energy") e pretende listar suas ações ordinárias na NASDAQ sob o símbolo de ticker "Eose".

Eos will design, manufacture, and deliver its zinc-based battery solutions to Hecate over the course of the next 24 months across Colorado, New Mexico, and Texas. The projects are a mix of standalone battery storage and storage paired with solar photovoltaics (“PV”) for renewable energy capacity. The announcement of the agreement with Hecate further expands Eos’ pipeline commitments to 3 GWh and, upon the completion of several customary closing conditions, purchase orders from Hecate are expected in the next six to nine months.

These projects are indicative of the shifting dynamics of the energy storage market from shorter duration systems, which are commonly used for quick response power (such as frequency regulation or peak shaving), to longer duration systems, which are much better suited for improving overall grid resiliency and capacity-firming purposes.

“We are excited to be working with a top-tier developer like Hecate,” said Joe Mastrangelo, Chief Executive Officer at Eos.  “During the last 18 months, we have been intensely focused on operationalizing our company and bringing our low-cost, nontoxic, nonflammable, zinc-based battery solutions to the marketplace. The investment in our state-of-the-art manufacturing facility in Pittsburgh, PA is paying dividends as we are processing battery orders from customers all over the world. This agreement with Hecate is another significant milestone in our company’s tremendous growth and, importantly, it’s further confirmation that major energy developers are increasingly searching for lower cost and competitive non-lithium options like ours for major projects. Our tangible pipeline has grown by over 70 percent in the last several months and we look forward to continuing this positive commercial momentum.”

“Hecate is thrilled to work with Eos,” said Fazli Qadir, Chief Technology Officer of Hecate Energy. “Eos’ technology is a great fit for the longer-duration application requirements of these projects, and we’re excited by the ability of Eos’ solutions to flexibly operate across a range of use cases that are front and center in the energy industry.”

Eos’ zinc-based battery systems are made in the United States and were designed specifically for the stationary storage market. They are unique for their scalable design, ability to withstand extreme temperatures, widely available and non-rare earth materials, and full recyclability.  The system is also a cost-effective energy storage solution, with a 15-year to 30-year life and minimal installation and maintenance costs.

As previously announced, BMRG, a publicly traded special purpose acquisition company, and Eos have entered into a definitive merger agreement for a business combination that would result in Eos becoming a publicly listed company. Upon closing of the transaction, the combined company will be renamed Eos Energy Enterprises, Inc. (“Eos Energy”) and intends to list its shares of common stock on Nasdaq under the ticker symbol “EOSE”.