Third Quarter 2021 Results by EOSE
EOSE reported third-quarter 2021 results on 10th November 2021. The completion of the Motor Oil, River Valley, and ReNew projects brought in $0.7 million in income. Moreover, the cost of goods sold is $12.9 million, which includes expenditures associated with continuing to build up manufacturing capacity.
Not only this but the $5.1 million increase in R&D expenses compared to 2Q21 was due to continued investments in materials and personnel to support Z3 development. Furthermore, staff-related accruals and outside service expenditure drove down selling, general, and administrative expenses to $8.8 million, a $2.5 million decrease from 2Q21. Lastly, the Koch convertible notes accounted for the majority of the $3.7 million in interest expenditure.
How’s the quarter been?
The market for longer-duration energy storage continues to develop, and the advantages of the innovation, such as cheap cost of ownership, scalability, safety, and operational flexibility, have remained popular.
EOSE is continuing to gain traction in the energy business, with orders from Ameresco and a follow-on from Duke Energy. EOSE is very thrilled that their efforts have resulted in the largest order in business history, 300 MWh, from Blue Ridge Power and Pine Gate Renewables.
300MWh Order from Solar EPC Firm Blue Ridge Power – EOSE provides updates!
EOSE announced on 10th November 2021 that it has made connections with its largest client i.e., Blue Ridge Power. The installation will commence in the summer of 2022 on a property owned by developer Pine Gate Renewables. In 2022 and 2023, Eos will deliver its zinc-powered Znyth technology for a number of projects.
Moreover, EOSE handles the fluctuation of renewable energy sources by supplying stable power to applications. The Znyth battery will supply continuous power once installed. Furthermore, Zynth batteries, which were developed in Edison, New Jersey, and are made of non-rare earth materials, have been proved safe in a wide variety of operating situations and are 100 percent recyclable at the end lives.
EOSE is happy to work with Blue Ridge Power on this historic project to bring additional energy storage to the United States. They have scalable and bankable technology and hope to use the initiative as a model. EOSE considers them the real energy storage pioneers who see the financial value, lifespan advantages, and social impact.