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."
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A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
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You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
