Eos claims to receive $300 million in customer orders this year

　　Eos Energy Enterprises, a US manufacturer of zinc battery energy storage, said a few days ago that the company has signed customer orders worth US$137.4 million so far this year. By the end of 2021, this figure may reach 300 million US dollars.

　　When Eos reported on its financial results for the third quarter of 2021, it said that its patented Znyth zinc battery energy storage system has ordered 561MWh this year. The company said that this is part of its total order volume of 613MWh for 30 projects for 16 customers, with a total value of US$151.8 million.

　　However, these numbers will continue to grow. As of November 10, the company only shipped 3.4 million U.S. dollars of products this year, and Eos reiterated its 2021 full-year revenue of 5 million U.S. dollars.

　　In August of this year, the company's CEO Joe Mastrangelo said that the reason for lowering the 2021 revenue target from the previously set 50 million US dollars was due to project delays, which was mainly due to the impact of the new crown epidemic. Eos claimed in the report that its total order backlog at the end of the second quarter of 2021 was 389MWh, or approximately US$96 million.

　　Eos has been reporting its financial performance since its listing on the Nasdaq in November last year, and it is expected that the annual order volume will be between US$175 million and US$300 million. Mastrangelo said that the reason for such a large volatility is that there is a time risk in the channel.

　　Eos company positions its battery in the long-term energy storage market. Its battery energy storage unit has a continuous discharge time of 3 hours, which can be extended to a 12-hour energy storage system, and works for 20 years without degradation, and can be recycled when it is decommissioned.

　　Eos became one of the founding members of the International Long-term Energy Storage Committee at the COP26 summit held a week ago.

　　So far, the vast majority (91%) of Eos's backlog of orders are in the grid-side energy storage market, accounting for 559MWh. This may mean that large-scale projects dominate the backlog, with orders for projects with an energy storage capacity of more than 20 MWh at 519 MWh.

　　Supporting deployment with solar power generation facilities is the most common use case for Eos customers. Transmission and distribution (T&D) investment delay or co-location deployment capacity projects are respectively 314MWh and 214MWh, and the microgrid project order is 58MWh.

　　Eos is currently rapidly increasing its production capacity, from 65MWh in 2020 to 260MWh this year, and to over 800MWh by the end of next year. The company reached a $25 million equipment financing agreement with Trinity Capital in October to expand production and improve its manufacturing operations. This is based on the $100 million commitment announced in July by Koch Strategic Platforms, a venture capital subsidiary of Koch Industries.

　　The third-generation zinc battery pack launched by Eos will undergo performance testing from the first quarter of 2022. The company claims that its size will be one-third of the current model, and will have the same voltage curve at lower temperatures, thereby reducing Manufacturing, system integration and operating costs.

　　In addition to reporting quarterly results, Eos also said that it has just received the largest order in the company's history from Blue Ridge Power, a solar engineering, procurement and construction (EPC) company. In the next two years, Blue Ridge Power will purchase a 300MWh Eos Znyth battery energy storage system for multiple project deployments.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate battery is a perfect replacement for lead-acid batteries, and it is the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

　　Solar power generation system with lithium battery energy storage system is a very promising clean energy.