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- Project Amaze American Made Zinc Energy is a $500 million expansion program designed to increase annual production to 8 GW of storage capacity by 2026 to meet demand for long-term energy storage (LDES).
- The Department of Energy’s (DOE) Loan Program Office (LPO) has issued a conditional commitment of up to $398.6 million in loan guarantees that, if finalized, is expected to fund 80% of the expansion in Pennsylvania.
- Eos’ more than 300-strong US workforce is expected to grow to nearly a thousand green-collar careers upon the successful completion of Project Amaze in 2026, driving economic growth in the Monongahela (MON) Valley region and building on the local history of industrial manufacturing. There will be respect. dates back to the founding of Westinghouse.
- Project AMAZE will expand the US supply chain, which Eos believes includes enough domestic sourcing to qualify for the domestic content bonus granted by the IRA investment tax credit (ITC). EOS aims to adopt 100% US-sourced content by 2026.
- Eos recently announced a partnership with Wisconsin-based ACRO Automation Systems to design, develop and implement its first state-of-the-art high-output manufacturing line.
EOS Energy Enterprises, Inc. (NASDAQ: EOSE), a leading provider of safe, scalable, efficient and sustainable zinc-powered long-term stable energy storage systems, today (August 31) announced Project Amaze American Made Zinc Energy, a $500,000 project. A significant milestone for the planned expansion and creation of 8 GW of clean energy storage generation capacity.
Project AMAZE supports Eos’ strategy to address long-term energy storage demand driven by Inflation Reduction Act (IRA) implementation using its Eos Z3 energy storage system. The project secured a conditional commitment of up to $398.6 million in loan guarantees from DOE LPO, the result of a rigorous and thorough due diligence process by DOE that, if the loan is finalized, would finance 80% of EOS’s planned expansion Will go
In 2018, Eos moved its production and supply chain back from China to the United States, and the expanded facility will build on Eos’ investment in US manufacturing with increased production of its zinc-based energy storage systems. “Manufacturing has been in my family for generations,” said EOS machine operator Bill Porter, “We are making things that matter and this is what modern manufacturing looks like.”
Legal, technical and commercial due diligence was carried out by the LPO to evaluate the credit and market demand and the project’s ability to meet commercial and environmental benchmarks before the release of the conditional commitment by DOE. While this conditional commitment reflects the Department’s intent to fund the project, several steps remain to be taken for the project to reach critical milestones, and certain technical, technical, and regulatory requirements to DOE’s satisfaction before the Department can enter into definitive funding documents. Legal and financial conditions must be met and diligently met. and finance the loan.
The Eos Z3 battery is comprised primarily of American components and has been specifically designed to meet mass production and low cost, long-duration, grid-scale stationary energy storage requirements. This puts EOS in a better position to access the 45X Advanced Manufacturing Direct Payment tax credit available under the Home Production IRA. The Eos Z3 battery builds on Eos’ 15-year history of developing Znyth battery technology, which uses earth-abundant raw materials in its manufacturing and aims to overcome many of the limitations in other stationary energy storage solutions .
“We are excited to formally announce Project Amaze. IRA implementation requires us to move forward with speed and urgency if the energy industry is to meet the demand for long-term energy storage,” EOS Energy Enterprises, said Joe Mastrangelo, CEO of Inc. “At such a critical moment in our global energy transition, timing is of the essence. On behalf of all EOS employees, we would like to thank LPO for giving us the opportunity to reach this important milestone. commercialize a safe American-made energy storage option with the aim of building a flexible, diversified low-carbon energy future.”
Eos believes that the secular shift in the energy mix requires the accelerated implementation of its capacity expansion plan to meet the growing demand for the Eos Z3 technology which is currently in semi-automated commercial production. EOS last week announced the selection of ACRO Automation Systems to partner in the design, development and implementation of four state-of-the-art high output manufacturing lines. ACRO is a recognized leader in high-speed, custom-designed automated manufacturing systems.
“We are putting together all the elements that will allow us to build an efficient, optimized, state-of-the-art production facility large enough to deliver approximately 200 GW of market opportunity,” said Nathan Crocker, chief financial officer at EOS. Officer. “We believe we can combine the conditional commitment from DOE with private capital and state and local investment programs to meet our needs.”
Project Amaze could potentially spur economic growth and job creation, as it is expected to bring approximately 650 new green jobs to Pittsburgh once the facility successfully achieves full operating capacity. “Here in Pittsburgh, we’ve definitely always made things,” said EOS shift supervisor Brian Wasson, “I didn’t go to college or have any special training, and these jobs provide opportunities that are great for the city and for the future. are good.” Eos is proud to partner with the Allegheny Conference on Community Development and its Economic Development Affiliates, the Pittsburgh Regional Coalition, The Heinz Endowment, The Mon Metro Chamber of Commerce, University of Pittsburgh, Carnegie Mellon University, Partners4Work, Trade Institute of Pittsburgh, The Woodland . Hills School District and Community College of Allegheny County to attract a strong local workforce and build green tech careers.
EOS recently conducted six workforce development listening sessions with the communities surrounding its manufacturing facility in Mon Valley. Eos has committed to partnering with The Mon Metro Chamber of Commerce to develop new educational STEM programs that will extend beyond 8th grade and into high school. EOS will also seek ways to replace dilapidated homes with affordable housing and stabilize the local power grid, which currently has regular power outages during heavy rains.
“The EOS energy storage system is the epitome of American ingenuity. Invented by the American mind, built by American hands, built with American tools, using primarily American materials, I believe EOS Mon Valley And will help power the future by creating green tech careers across America.” said Mimi Walters, EOS board member and former member of Congress.
About EOS Energy Enterprises
EOS Energy Enterprises is a leading provider of safe, scalable and sustainable zinc-based battery storage systems. With a mission to deliver efficient, reliable and eco-friendly energy storage solutions, EOS is at the forefront of revolutionizing the global energy storage landscape. EOS’s pioneering technology provides a cost-effective and scalable alternative to other stationary storage systems, enabling a clean energy future with improved grid reliability and resiliency.
Forward-looking Statements/Disclaimer
This press release contains certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Those statements include, but are not limited to, forward-looking statements. The loan approval process for the Department of Energy, our ability to satisfy conditions precedent to obtaining the loan guarantee from the Department of Energy, final approval and funding of the loan guarantee by the Department of Energy, the prospect and performance of Project Amaze, including the timing and related statements , forecasts or other indications of future events or circumstances, including any underlying assumptions. The words “estimate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “might,” “might,” “plan,” “possible, “Potential,” “predict,” “project,” “should,” “will” and similar expressions can identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. . Factors that could cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to accurately forecast trends; our ability to secure the timing and final amount of any loan or final approval of loan guarantees from the Department of Energy; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to secure financing to continue expansion; our ability to secure grants or other federal, state and local investment; our ability to secure satisfactory intercreditor arrangements or modifications with respect to our existing debt financing; our client’s ability to secure project financing; our ability to develop efficient manufacturing processes at scale and to accurately forecast associated costs and efficiencies and to secure labor; fluctuations in our revenue and operating results; competition from existing or new competitors; failure to convert firm order backlog and pipeline into revenue; failure to adequately reduce manufacturing costs, potentially delaying the launch of our Eos Z3 batteries; inefficient implementation of the Inflation Reduction Act 2022; the amount of final tax credits available to our customers or EOS pursuant to the Inflation Reduction Act; risks associated with security breaches in our information technology systems; the risk of a government shutdown, as EOS is conducting due diligence on its loan application with the US Department of Energy Loan Program Office or while we await the approval and funding of any loan guarantees; risks related to legal proceedings or claims; risks associated with developing energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes in federal, state or local laws; risks associated with the potential costs of regulatory compliance; risks associated with changes in US trade policies; risks arising out of the impact of the global pandemic, including the novel coronavirus, COVID-19; our ability to maintain a listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers, and retain our management and key employees; risks related to adverse changes in general economic conditions, including inflationary pressures and elevated interest rates; risks from supply chain disruptions and other effects of geopolitical conflict; changes in applicable laws or regulations; the possibility that EOS may be adversely affected by other economic, business and/or competitive factors; other factors beyond our control; Risks related to adverse changes in general economic conditions and other risks and uncertainties. Forward-looking statements included in this press release are also subject to additional risks, uncertainties and factors, including those more fully described in EOS’s most recent filings with the Securities and Exchange Commission, including EOS’s most recent filing on Form 10-K. Includes annual report. and subsequent reports on Forms 10-Q and 8-K. More information regarding potential risks that could affect actual results will be included in subsequent periodic and current reports and other filings that EOS makes from time to time with the Securities and Exchange Commission. In addition, EOS operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could impact the forward-looking statements included in this press release. Forward-looking statements speak only as of the date they were made. Readers are cautioned not to place undue reliance on forward-looking statements, and, except as required by law, EOS undertakes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, result from future events. , or otherwise.
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