Eos Energy Enterprises expands its manufacturing plant
EDISON, NJ, Feb. 23 10, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient and sustainable zinc-based energy storage systems, today announced today that it was going to expand its manufacturing plant to more than triple its production to 800 MWh and meet the demand for production of its Znyth™ aqueous zinc batteries. Located in Turtle Creek, Pennsylvania, outside of Pittsburgh, the state-of-the-art facility, known as Keystone Commons, will provide Eos with more than 46,000 square feet of additional space and the potential to create more than 125 jobs. . Manufacturing equipment and machinery should start arriving in March and the site could be fully operational by September.
“The expansion of Turtle Creek marks an exciting step in our journey to build a world-class organization that our employees, customers and shareholders can be proud of,” said Joe Mastrangelo, CEO of Eos. “We are bringing quality green jobs to the region and building a renewable energy hub in the middle of coal country.”
The new jobs that will be created are expected to further increase diversity at the Eos manufacturing plant, which is currently made up of approximately 40% minority employees and 15% veterans. Eos has a strong internal development program in place that allows employees to start in entry-level positions and progress to skilled manufacturing and supervisory positions. The company works with local institutions Triangle Tech, Rosedale Technical College, and Community College of Allegheny County to hire qualified candidates to drive business growth.
The Regional Industrial Development Corporation (RIDC) of Southwestern Pennsylvania, a nonprofit organization that supports economic growth and job creation through real estate development projects that advance the public interest, will lease space at Eos for a period of five years.
“There is a growing clean energy cluster in Pittsburgh,” said INCD President Donald F. Smith, Jr., “and innovative companies like Eos are moving the world into a more efficient and more efficient future. sustainability that we need. Their continued growth is the latest example of how the Pittsburgh area is becoming home to many industries that will fuel our economy into the future.
Mastrangelo added, “As the former home of Westinghouse Electric, this site has historical significance and a legacy of innovation. Our collaboration with RIDC will continue this legacy by creating a renaissance of American manufacturing to meet the energy needs of today and tomorrow.
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that are transforming the way the world stores energy. Our breakthrough Znyth™ The aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable – and made in the USA. — it’s the heart of our innovative systems that today offer utility, industrial and commercial customers a proven and reliable energy storage alternative. Eos was founded in 2008 and is based in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
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. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: changes that adversely affect the business in which we engage; our ability to predict trends accurately; our ability to generate cash, repay debt and incur additional debt; our ability to develop efficient manufacturing processes at scale and accurately predict associated costs and efficiencies; fluctuations in our revenues and results of operations; competition from existing or new competitors; the non-conversion of the firm order backlog into sales; risks associated with security breaches in our computer systems; risks relating to legal proceedings or claims; risks associated with changes in federal, state or local laws; risks associated with potential regulatory compliance costs; risks associated with changes in US trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties and factors, including those described in greater detail in Eos’ latest filings with the Securities and Exchange Commission, including Eos’ latest annual report. ‘Eos on Form 10-K. and subsequent reports on Forms 10-Q and 8-K. Further information about potential risks that could affect actual results will be included in subsequent periodic and current reports and other filings by Eos with the Securities and Exchange Commission from time to time. In addition, Eos operates in a highly competitive and rapidly changing environment, and new risks and uncertainties may emerge that could impact the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are 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 such forward-looking statements, whether whether as a result of new information, future events, or otherwise.
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