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."
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
