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					</table><p>Energy storage solutions provider<a href="https://www.eose.com/" target="_blank" rel="noopener"> Eos Energy Enterprises</a> reported a 148% surge in revenue in the fourth quarter (Q4) of 2023 to $6.6 million, driven by higher production volumes on the semi-automated manufacturing line for the Z3 Cube.</p>
<p>The Z3 Cube is a self-contained energy storage system built using the company’s Z3 battery modules and standard shipping containers. It was launched in September last year, helping Eos significantly reduce production cycle times and scrap rates, the company said.</p>
<p>“Eos transitioned its entire manufacturing capacity from Gen 2.3 to the new Eos Z3 Cube. We’ve already begun seeing the anticipated operational benefits associated with the Z3 battery design that provides improved power density along with lower unit costs from its simpler mechanical design,” said CEO Joe Mastrangelo.</p>
<p>The Nasdaq-listed company’s gross margins in Q4 improved by 66% year-over-year (YoY), reflecting the streamlined manufacturing process. Meanwhile, cost of goods sold came in at $30.4 million, while operating costs fell by 10%.</p>
<p>The order backlog stood at $534.8 million as of December 31, 2023, up 15% from a year ago, as commercial demand remained robust. The company said its overall commercial opportunity pipeline surged 77% to $13 billion.</p>
<p><strong>Full Year 2023</strong></p>
<p>Eos reported revenue of $16.4 million for the full year (FY) 2023, down 8.4% from $17.9 million in 2022 as the company transitioned manufacturing to the new Z3 Cube battery system.</p>
<p>However, the cost of goods sold declined sharply by $63.5 million, or 41%, to $89.8 million. This led to significantly improved gross margins driven by lower raw material costs and initial benefits from the Z3 program.</p>
<p>The net loss for 2023 was $229.5 million, nearly unchanged from $229.8 million in the prior year, as higher operating expenses offset improved gross margins.</p>
<p>“There continues to be strong demand signals for longer duration energy storage,” said  Mastrangelo.</p>
<p>He also said that the company is in talks with two large Indian corporations to incorporate its battery storage solutions. Eos is working with the U.S., Italy and Australia to take advantage of long-duration energy storage needs of the countries.</p>
<p>The company <a href="https://www.mercomindia.com/eos-q3-revenues-decrease-89-yoy-sales-drop" target="_blank" rel="noopener">recorded</a> an 89% drop in revenue in the third quarter as lower sales hurt its top line. In the quarter prior, revenue <a href="https://www.mercomindia.com/interest-expense-dents-eos-earnings-q2-23" target="_blank" rel="noopener">fell</a> 96% as the company transitioned to the Eos Z3 battery module.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Eos Energy’s Q4 Revenue Surges 148% on Higher Storage System Volumes


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					</table><p>Energy storage solutions provider<a href="https://www.eose.com/" target="_blank" rel="noopener"> Eos Energy Enterprises</a>&#8216; net loss widened to $131.6 million for the second quarter (Q2) of the financial year 2023 from $56.7 million year-over-year (YoY), mainly due to higher interest and other expenses even though the cost of goods came down.</p>
<p>The cost of goods sold during the April-June quarter totaled $11.2 million, a 69% YoY dip in per unit cost driven by decreased volume related to the shift to the new battery module. It helped narrow the operational losses for the quarter to $34.6 million compared to $57.4 million YoY.</p>
<p>Eos posted a revenue of $200,000, a decrease of 96% YoY as the company transitions to next-generation Eos Z3 battery module.</p>
<p>Eos Chief Executive Officer Joe Mastrangelo said, &#8220;We have made significant progress on our transition to Z3. I am very pleased with the initial output and performance of the semi-automated line. We are seeing clear advantages with Z3&#8217;s cycle time, performance consistency, and system simplification. Being able to run discrete manufacturing processes in the first half of the year has resulted in valuable learnings which we believe will result in both time and capital efficiencies as we develop our state-of-the-art manufacturing line and begin to scale our production.&#8221;</p>
<p><strong>Half year</strong></p>
<p>Eos&#8217; net loss for the first half of 2023 widened to $203.2 million compared to $102.5 million YoY, mainly due to higher interest and other expenses.</p>
<p>The company posted revenue of $9.1 million during the January-June period, a marginal decrease of 1% YoY.</p>
<p>Eos booked $86.9 million (representing 349 MWh) in orders during the first half of 2023, resulting in an order backlog of $533.6 million (representing 2.2 GWh) as of June 30, 2023, a 17% YoY increase.</p>
<p>Mastrangelo added, &#8220;There is still a lot of hard work ahead of us, and we are excited to build out our future manufacturing line and continue the Z3 transition to deliver, at scale, what the market needs so severely – a commercially available alternative to lithium-ion technology that we believe is safe, durable, flexible, non-flammable, non-corrosive and easily recycled.</p>
<p>In April this year, the company announced a $40 million registered direct offering and concurrent private placement. The company entered into a definitive agreement to purchase and sell an aggregate of 16,000,000 shares of the company’s common stock at a purchase price of $2.50 per share in a registered direct offering. It had also agreed to issue unregistered warrants in a concurrent private placement to purchase up to 16,000,000 shares of common stock.</p>
<p>Eos&#8217; net loss <a href="https://www.mercomindia.com/interest-expense-from-lower-cost-of-goods-sold" target="_blank" rel="noopener">widened</a> to $71.6 million in Q1 2023 compared to $45.8 million YoY. Eos posted a 168% YoY increase in revenue at $8.8 million for the January-March period, primarily fueled by 208 MWh of total shipments of its new products for the Pine Gate Eastover system.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Interest Expense Dents Eos Energy’s Earnings in Q2 Despite Lower Costs


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					</table><p><a href="https://www.mercomindia.com/jharkhand-consultant-floating-solar-project" target="_blank" rel="noopener"><strong>Jharkhand Renewable Energy Development Agency has invited bids from consultants to conduct a bathymetry survey and soil test report to develop a 600 MW floating solar</strong></a> power project at Chandil Dam in Jharkhand. The project’s estimated cost is ₹20 million (~$242,885). The report must be submitted within a month of receiving the work order. The last day to submit the bids is May 22, 2023. The bids will be opened on May 24.</p>
<p><a href="https://www.mercomindia.com/biden-vetoes-legislation-solar-import-waivers" target="_blank" rel="noopener"><strong>United States President Joe Biden has vetoed a resolution that would halt a Commerce Department rule temporarily suspending tariffs on solar modules imported</strong></a> from Cambodia, Malaysia, Thailand, and Vietnam. The result of Biden’s veto is that a two-year delay on tariffs will continue until at least June 2024. The presidential veto can, however, be overridden by a two-thirds vote in both the Senate and the House.</p>
<p><a href="https://www.mercomindia.com/greenfield-projects-amenable-robotic-cleaning" target="_blank" rel="noopener"><strong>Almost 90% of greenfield projects from conception choose robotic cleaning. For brownfield projects, nearly 40% of the capacity for cleaning panels with water is now transitioning</strong></a> to robotic cleaning by retrofitting the portfolio, said Nalin Kumar Sharma, President,  Asia, Middle East &amp; Pacific, Ecoppia, on the sidelines of Mercom India Renewable Summit 2023. In the case of manual cleaning, where you cannot clean every day, there is significant generation loss, whereas robotic cleaning helps clean modules every night. So, the generation is typically between 2% and 5% higher compared to a 15-day manual cycle, he added.</p>
<p><a href="https://www.mercomindia.com/ci-projects-yield-better-returns-sbi-interview" target="_blank" rel="noopener"><strong>Lenders are more receptive to funding renewable transactions encouraging corporates striving towards a carbon-neutral environment and adding value to their brands,</strong></a> Hitesh Paliwal, Senior VP &amp; Zonal Head, North Zone Corporate Banking Group at SBI said on the sidelines of the Mercom India Renewables Summit 2023. Paliwal added that even though we are in the early stages of the journey toward renewable targets, we are progressing in the right direction, and the sectors will mature down the line.</p>
<p><a href="https://www.mercomindia.com/government-bids-advertising-firm-registrar-ireda-ipo" target="_blank" rel="noopener"><strong>The Ministry of Finance has invited bids to select an advertising agency for listing and partial disinvestment of the Union government’s shareholding</strong></a> in the Indian Renewable Energy Development Agency through an initial public offer and raise funds through the issue of fresh equity shares in the domestic market. The last date to submit the bids is June 9, 2023. Bids will be opened on June 12.</p>
<p><a href="https://www.mercomindia.com/us-funding-clean-energy-rural-communities" target="_blank" rel="noopener"><strong>The U.S. Department of Agriculture (USDA) announced nearly $11 billion in funding to help bring affordable renewable energy to rural communities nationwide.</strong></a> One of the two programs eligible for the funding is Empowering Rural America program. Operated by USDA, it will launch a letter of interest process to offer eligible rural electric cooperatives $9.7 billion in funding. USDA will also launch a letter of interest process for the second program Powering Affordable Clean Energy program. It offers $1 billion in partially forgivable loans to various renewable-energy developers and electric service providers.</p>
<p><a href="https://www.mercomindia.com/interest-expense-from-lower-cost-of-goods-sold" target="_blank" rel="noopener"><strong>Energy storage solutions provider Eos Energy Enterprises’ net loss widened to $71.6 million for the first quarter of the financial year 2023</strong></a> compared to $45.8 million year-over-year (YoY), mainly due to higher interest and other expenses even though the cost of goods came down by a quarter. The cost of goods sold during the January-March quarter totaled $26.9 million, a 25% reduction in per unit cost from $35.6 million YoY.</p>
<p><a href="https://www.mercomindia.com/solid-powers-19-million-on-higher-rd-expenses" target="_blank" rel="noopener"><strong>Solid Power, which develops all-solid-state battery technology for electric vehicles, said its Q1 net loss widened to $19.2 million in the first quarter of 2023</strong></a> compared to the loss of $10.3 million YoY, primarily due to higher research and development expenses. Solid Power’s total operating expenses for the January-March quarter rose 57% YoY to $25.1 million. Solid Power’s revenue grew by 81% YoY to $3.8 million for the quarter, mainly on execution under the company’s joint development agreements.</p>
<p><a href="https://www.mercomindia.com/clean-energy-meet-mumbai-renewables-adoption" target="_blank" rel="noopener"><strong>Mercom India has returned with the second clean energy meet of its conference series C&amp;I Clean Energy Meet 2023, at Navi Mumbai.</strong></a> The sessions will provide C&amp;I entities with insights into the advantages of incorporating renewable sources into their energy portfolio. The event will be held at the Hotel Ramada in Navi Mumbai, Maharashtra, on May 18, 2023. The sessions will cover topics on clean energy options and technologies, the viability of rooftop solar installations, financing solutions, and procuring open access at cheaper rates.</p>
<p><strong><a href="https://www.mercomindia.com/discoms-limiting-participation-power-exchanges" target="_blank" rel="noopener">A committee of experts constituted by the Ministry of Power has noted that the electricity market in India faces significant challenges that hinder the integration of renewable energy</a></strong> and limit the participation of distribution companies (DISCOMs) in power exchanges. The group stated that the reliance on inflexible, long-duration contracts by DISCOMs has restricted their engagement in power exchanges, hindering the growth of renewable energy. Moreover, the current planning practices of DISCOMs need to be revised for systems with high levels of variable renewable energy, necessitating resource adequacy planning and market-based economic dispatch.</p>
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Daily News Wrap-Up: Jharkhand’s Consultancy Tender for 600 MW Floating Solar Project


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					</table><p>Energy storage solutions provider<a href="https://www.eose.com/" target="_blank" rel="noopener"> Eos Energy Enterprises</a>’ net loss widened to $71.6 million for the first quarter (Q1) of the financial year 2023 compared to $45.8 million year-over-year (YoY), mainly due to higher interest and other expenses even though the cost of goods came down by a quarter.</p>
<p>The cost of goods sold during the January-March quarter totaled $26.9 million, a 25% reduction in per unit cost from $35.6 million YoY. It helped narrow the operational losses for the quarter to $38.3 million compared with $51.7 million YoY.</p>
<p>Eos posted a 168% YoY increase in revenue at $8.8 million, primarily fueled by 208 MWh of total shipments of its new products for the Pine Gate Eastover system.</p>
<p>The U.S.-based company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial, and military market segments.</p>
<p>The company booked orders worth $86.3 million, resulting in an order backlog of $535.1 million, up by 152% compared to the backlog of $212 million in the same quarter a year ago.</p>
<p>Eos’ CEO Joe Mastrangelo said, &#8220;The Eos team delivered a solid first quarter, with continued backlog growth, strong manufacturing performance, and 1 GWh of discharged energy in the field, all while raising additional capital that enables us to scale operations and accelerate our market competitiveness. We are positioning ourselves to transition to the Z3 Energy Cube, which combines our patented electrolyte with a new mechanical design that is easier to build at a lower cost.”</p>
<p>During Q1, Eos signed a 300 MWh master supply agreement with Carson Hybrid Energy Storage. The company substantially completed due diligence for the U.S. Department of Energy Title XVII loan application, actively negotiating the final provisions of a term sheet with the Loan Program Office.</p>
<p>Eos Energy <a href="https://www.mercomindia.com/energy-storage-solutions-provider-eos-energy-revenue" target="_blank" rel="noopener">posted</a> a 6.5% YoY increase in its revenue for Q1 2022 at $3.3 million. The company said that the increase was mainly due to the first energy block deliveries for the 80 Mwh Pine Gate Renewables’ Eastover project.</p>
<p>The net loss of Eos for the financial year 2022 <a href="https://www.mercomindia.com/eos-energys-q4-loss-on-higher-interest-expenses" target="_blank" rel="noopener">widened</a> to $229.8 million from $124.2 million in the previous year, significantly driven by higher expenses. The company’s revenue increased by 289% YoY to $17.9 million, supported by higher energy block shipments.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Interest Expense Wipes Eos Energy’s Q1 Gains from Lower Cost of Goods Sold


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					</table><p>The net loss of <a href="https://www.eose.com/" target="_blank" rel="noopener">Eos Energy</a>, a sustainable zinc-based energy storage solutions provider, widened to $56.6 million for the fourth quarter (Q4) of the financial year (FY) 2022 compared to the net loss of $30.6 million in the same quarter of the previous year.</p>
<p>The company said that the total interest expense increased by 485% year-over-year (YoY) to $7.6 million due to increased borrowing from the senior secured term loan, resulting in a net loss for Q4.</p>
<p>The total loss for the period includes a $4.4 million write-down of property, plant, and equipment that are long-term assets.</p>
<p>Eos posted a revenue of $2.7 million for Q4, driven by the delivery of the 184th and final energy block for the 80 MWh Pine Gate Renewables Eastover Project.</p>
<p>The company said sales decreased as it postponed production for 2023 to realize benefits from the Inflation Reduction Act.</p>
<p>CEO of Eos Energy, Joe Mastrangelo, said, “2022 was a year of continued growth. We were able to scale our factory and ramp up production with a 335% increase in shipments while developing and producing a less capital-intensive, more efficient, denser, and lower-cost battery, the Eos Z3.”</p>
<p><strong>Full Year 2022</strong></p>
<p>The company’s net loss for FY 2022 widened to $229.8 million from $124.2 million in the previous year, mainly driven by increased expenses.</p>
<p>The total selling, general, and administration expenses for the year increased 41% to $60.6 million compared to $43 million in FY 2021.</p>
<p>Eos said its interest expense increased by 262% or $13.6 million to $18.8 million in FY 2022 compared to $5.2 million in 2021. The company attributed the increase to more borrowings.</p>
<p>The company recorded a revenue of $17.9 million for the year, up 289% from $4.6 million in 2021, driven by record 258 energy blocks of 129 MWh capacity as of December 2022. Eos said it discharged 836.9 MWh of energy in the year, up 102% compared to 415 MWh in FY 2021.</p>
<p>The revenue growth was due to a 230% rise in the costs of goods sold in 2022, at $153.6 million compared to $46.5 million in 2021.</p>
<p>CEO Mastrangelo said, “Heading into 2023, we believe we are in one of the strongest positions in our company’s history as we continue to see a shift in the demand for longer-duration energy storage. The passage of the IRA and our progression through the Department of Energy loan due diligence phase provides the growth catalysts to expand our increasingly commercially viable technology.”</p>
<p>Eos Energy <a href="https://mercomindia.com/zinc-battery-maker-eos-70-7-million-loss-in-q3/" target="_blank" rel="noopener">reported</a> a net loss of $70.7 million for the third quarter of 2022 due to the production ramp-up of Z3 batteries, higher logistics costs, supply chain constraints, and staffing shortages.</p>
<p>In 2021, Eos’ wholly-owned subsidiary HI-POWER <a href="https://mercomindia.com/eos-energy-expand-production/" target="_blank" rel="noopener">signed</a> a $25 million equity financing agreement with Trinity Capital to acquire equipment that will expand the production of its proprietary aqueous Znyth batteries.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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