Eos Energy Storage, a zinc-based battery manufacturer, listed on the Nasdaq stock exchange this week in a move it hopes will allow it to compete against the likes of Tesla Energy, and allow its aqueous zinc batteries to challenge the dominance of lithium-ion.
The 12-year-old company Eos completed the construction of its 1GWh Hi-Power production facility in Pittsburgh, Pennsylvania earlier this year and has a range of large scale projects that it hopes will cement the technology’s place in the market.
Eos says that by using zinc for its batteries – instead of the industry standard lithium-ion – it will avoid many of the supply and demand issues the battery industry is expected to encounter over the next decade. The listing is expected to leav the company with over $US150 million in cash available.
“This milestone is the culmination of more than a decade of commitment to addressing the world’s energy storage challenges,” said Joe Mastrangelo, who will serve as the company’s Chief Executive Officer.
“We have a proven, safe and sustainable storage solution that’s ready to help accelerate and scale the clean energy transition.”
Speaking to GTM on Tuesday, CEO Mastrangelo explained that the majority of the money raised will go towards building manufacturing capacity, helping the company to meet its $US2.5 billion worth of orders.
Eos announced in early November a new agreement for over 1GWh of energy storage projects with Hecate Energy, in projects across Colorado, New Mexico, and Texas. Eos reportedly expects to deliver 260MWh of capacity in 2021, and over 1.5GWh in 2022.