RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60230.mp3?version=1699522961">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Energy storage solutions provider <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a> recorded a revenue of $684,000 in the third quarter (Q3) of 2023, an 89% year-over-year (YoY) drop from $6.07 million, primarily due to lower sales during the period.</p>
<p>The company’s net income, however, was boosted to $14.93 million profit, a 121% improvement from the $70.72 million of losses reported in Q3 2022. The profits were mainly due to the one-time non-cash accounting adjustments for project commissioning and inventory reserves, which helped reduce $61.80 million from the overall operating expenses and net taxes.</p>
<p>The total operating expenses dropped by 45% YoY from $69.63 million to $38.52 million, driven by a reduction in services.</p>
<p>The cost of goods sold decreased by 57% YoY to $21.3 million on lower sales volume.</p>
<p>In August 2023, Eos Energy also announced the issuance of conditional commitment from the U.S. Department of Energy Loans Program Office for a Title XVII loan of $399 million to support the company’s plans to scale annual production to 8 GWh of storage by 2026.</p>
<p>The company also began commercial production and shipped its first EoS Z3 energy storage systems.</p>
<p>Eos Chief Executive Officer Joe Mastrangelo said, “In just 12 months, we completed the design and developed, manufactured, and shipped our first Eos Z3 cube, incorporating our time-tested 15-year chemistry in a simpler manufacturing process, along with a streamlined energy system configuration. The team is focused on providing stationary storage solutions that are fully manufactured in the United States and provide both the flexibility and safety the market requires.”</p>
<p><strong>First Nine Months </strong></p>
<p>For the first nine months (9M) of 2023, Eos Energy’s revenues dropped to $9.77 million, a 36% YoY drop from $15.26 million.</p>
<p>The net loss for the period also went up 8.7% YoY from $173.2 million to $188.3 million.</p>
<p>The total operating expenses for the period decreased to $120.47 million, a 36% drop from $187.91 million.</p>
<p>The company booked orders of $92.7 million during 9M 2023, increasing the order backlog by 19% YoY to $539 million.</p>
<p>Dominion Energy Virginia also selected Eos Energy to provide longer-duration energy storage for a regional pilot project.</p>
<p>The company has proposed a manufacturing capacity expansion program for the upcoming quarters.</p>
<p>Eos Chief Financial Officer Nathan Kroeker said, “The capacity expansion consists of four state-of-the-art manufacturing lines that would be added over time as supported by customer demand, financial and production forecasts, as well as construction costs. We are currently building out the first line, which we expect to come online in the second quarter of 2024, with additional lines to follow thereafter. Each of the lines are capable and expected to produce over 2 gigawatt hours of storage annually when run at capacity, but we plan to run the first line at 1.25 gigawatt hours annually, which is less than the anticipated nameplate capacity until we implement subassembly automation in the future.”</p>
<p>Eos Energy’s net loss <a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener">widened</a> to $131.6 million for Q2 2023 from $56.7 million YoY, mainly due to higher interest and other expenses, even though the cost of goods came down.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, the global corporate funding in the energy storage sector witnessed a 31% YoY decrease during the 9M 2023, with a total of $15.2 billion raised across 94 deals.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
</div></div><div class="clearfix"></div></div></div>

Eos Energy Q3 Revenues Decrease by 89% YoY as Sales Drop

<p><a href="https://eosenergystorage.com/" target="_blank" rel="noopener">Eos Energy Enterprises</a>, a U.S.-based zinc-powered energy storage systems provider, announced that its wholly-owned subsidiary HI-POWER had signed a $25 million equity financing agreement with <a href="https://trincapinvestment.com/" target="_blank" rel="noopener">Trinity Capital</a>.</p>
<p>The funding will be utilized to acquire equipment that will expand the production of its proprietary aqueous Znyth® batteries.</p>
<p>The company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial sites.</p>
<p>Sagar C. Kundra, Chief Financial Officer of Eos Energy Enterprises, said, &#8220;Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy. As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our consumers&#8217; commitment and orders backlog and improve our delivery lead times.&#8221;</p>
<p>Ryan Little, Managing Director of Trinity Capital, said, &#8220;We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth® batteries. We see a massive opportunity ahead for Eos, and their innovative and sustainable design is poised to transform multiple verticals.&#8221;</p>
<p>In November 2020, Eos Energy Enterprises <a href="https://mercomindia.com/zinc-battery-eos-lists-nasdaq/" target="_blank" rel="noopener">completed</a> the business combination with a special-purpose acquisition company (SPAC), B.Riley Principal Merger Corporation II (BMRG), with a pro forma market capitalization of $500 million. The company went public on the Nasdaq capital market in a rare battery energy storage listing.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, in the first half of 2021, battery storage companies raised $9.6 billion in corporate funding from 41 deals compared to $716 million raised in 19 deals in the same period last year. The report said that funding levels had improved every quarter since Q1 2020. Funding activity, however, slumped in Q1 2020 due to the Covid-19 impact.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
</div></div><div class="clearfix"></div></div></div>

Zinc Battery Manufacturer Eos Energy Raises $25 Million to Expand Production

eos-energy

Get the most relevant India solar and clean energy news.

RECENT POSTS