Eos Energy And Frontier Power Announce 5 Gwh Memorandum Of Understanding To Advance Long-Duration Energy Storage In The United Kingdom

(MENAFN- GlobeNewsWire - Nasdaq) Partnership aims to support the UK's clean energy transition with the potential to unlock local manufacturing and strengthen energy infrastructure

EDISON, N.J. and WARWICKSHIRE, United Kingdom, April 15, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the“Company”), America's leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced it has signed a memorandum of understanding with Frontier Power Ltd. (“Frontier”), a UK-based energy developer, for a 5 GWh energy storage framework agreement. The agreement marks Eos' entrance into a new international market and supports Frontier's plans to submit multiple bids utilizing Eos' ZnythTM battery technology in the first application window of Ofgem's new long-duration energy storage (LDES) cap and floor scheme.

“We are proud to partner with Frontier Power, a respected leader in UK energy development, to bring Eos' safe and recyclable storage technology to a new market,” said Justin Vagnozzi, Senior Vice President of Global Sales at Eos Energy Enterprises.“The novel cap and floor scheme incentivizes investments in long-duration storage technologies that are critical for grid stability and renewable integration. Our participation in this scheme with an established global supply partner like Frontier furthers our commitment to scale our operations, expand our market reach and encourage the adoption of alternative technologies for the energy storage market.”

Under the agreement, Eos and Frontier will also look to expand the collaboration globally to new international markets. This partnership also opens the door to developing local manufacturing in the UK. Should significant LDES project volumes materialize using Eos technology, it could incentivize the establishment of manufacturing operations in the UK, supporting domestic supply chains and job creation.

“Our supply chain strategy was designed to be transportable,” said Joe Mastrangelo, Eos Chief Executive Officer.“We can co-locate manufacturing capacity near customer demand and not only provide innovative energy storage, but sustainable jobs in regions that have demand for our technology. As that demand grows, both domestically and internationally, we'll expand our manufacturing footprint, and we're excited to partner with Frontier to execute on that vision in the UK market and beyond.”

"This agreement reflects Frontier Power's commitment to driving innovation in clean energy while fostering international collaboration,” said Humza Malik, Frontier Power Chief Executive Officer.“By working with Eos, we are advancing our portfolio of long-duration storage projects and strengthening trade relations between the US and UK. The prospect of local manufacturing in the UK could further boost economic growth and job creation."

The UK's cap and floor scheme, administered by Ofgem and the Department for Energy Security and Net Zero, is designed to provide long-term revenue certainty for innovative energy storage technologies and help incentivize investment in alternative technologies to lithium-ion in the UK market. Eos' eight-hour technology is well suited for the program, which supports the UK's broader goals of achieving grid stability and enables higher levels of renewable integration.

This agreement will be incremental to Eos' pipeline numbers as of March 31, 2025 when the Company reports first quarter 2025 results.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough ZnythTM aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com .

About Frontier Power

Founded in 2009, Frontier Power is a leading developer of innovative energy solutions with expertise spanning electricity interconnectors, offshore wind transmission, offshore wind generation and energy storage. With over £30 billion in combined investment experience in the team, Frontier Power is at the forefront of driving clean energy transitions globally.

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Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are 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 regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management's beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers' ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company's most recent filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on 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 put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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