Long-duration energy storage firm EOS Energy Enterprises has announced in its Q3 financial report customer orders worth $137.4 million this year, which it hopes to increase to $300 million by the end of 2021.
The New Jersey, US-based firm now has a booked orders backlog of $151.8million, split between 30 projects for 16 different customers. Only $3.4m is currently shipped due to project delays largely caused by COVID-19, say the company.
In November EOS secured its largest order to date from renewables company Blue Ridge Power. EOS will supply 300MWh of its Znyth aqueous zinc battery technology system to Blue Ridge over the next two years for projects developed by Pine Gate Renewables. Installation is scheduled to begin in the summer of 2022.
Pine Gate announced, in November, it had won a bid to build a 0.125MW/0.5MWh standalone battery energy storage system in Logan, Utah, and hired Blue Ridge to install an EOS Znyth Gen 2.3 battery for the project, alongside a Nikola Powers Intellect Plus energy management system.
EOS is ramping up its production capacity from 65MWh in 2020 to 260MWh in 2021, and a projected 800MWH by the end of 2022. Eos will supply its zinc powered Znyth technology for multiple projects in 2022 and 2023.
In October, EOS entered a $25 million equipment financing agreement with Trinity Capital Inc. The funding is to be used to acquire equipment to expand production of EOS’s proprietary Znyth batteries.
In September, EOS announced that Carlos Restrepo would take over as chief technology officer. Restrepo joins from Sonnen Inc where he was CTO and MD. His 20-year energy career includes the development and patenting of numerous electrical products.
In July EOS gained a $100 million investment commitment from Koch Industries venture capital subsidiary, Koch Strategic Platforms.
From Q1 2022, EOS 3rd generation zinc battery units will undergo performance testing. The company claim the battery will be 1/3 of the size, have the same voltage profile at lower temperatures with consequently lower manufacturing, system integration and operating costs.
EOS claim a 20-year life for their battery, after which it is 100% recyclable.