Eos Energy Storage, a manufacturer of zinc-based battery technology, was listed on the Nasdaq on Tuesday following its acquisition by a special-purpose acquisition company.
The deal is projected to give Eos a pro forma market capitalization of $500 million.
"When we looked at putting together the merger transaction, it really secured us the capital to be able to grow the company over the long haul and take it to sustainable profitability," CEO Joe Mastrangelo told Cheddar.
With fresh capital backing it up, Eos is hoping to grow the market for an alternative to lithium-Ion batteries, which continue to dominate the market for long-duration energy storage.
Mastragenlo highlighted some common criticisms of lithium-ion batteries, including that they can't be recycled and often end up incinerated or piled in landfills.
In addition, the price of lithium — though it declined in 2020 — has trended higher due to heavy demand from the likes of Tesla and other electric vehicle makers, which rely on it for batteries.
Zinc, by contrast, is abundant and fully recyclable.
"There's no rare earths [materials]. There's no conflict materials," Mastrangelo said. "It's a sustainable product. It's a product that's fully recyclable at the end of its useful life."
Mastrangelo said the company has a production facility up and running in Pittsburgh that is designed to scale up in line with demand.
"We've designed a process that's quickly scalable and highly capital efficient," he said. "Instead of having to build a massive factory with highly complex processes, we build it out in phases and grow our production capacity as our revenue stream and orders book grows."
The company is targeting $50 million in revenue for 2021, and $260 million for 2022.
Earlier this month, Eos entered a partnership with utility developer Hecate Energy to provide battery technology to projects in Colorado, New Mexico, and Texas.
"We see the market accelerating," Mastrangelo said. "You look at the last three quarters for energy storage, and you've set a record in the United States for installations."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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