U.S. zinc battery energy storage provider Eos Energy Enterprises currently has an order backlog worth $457.3 million.
Headquartered in Pittsburgh and going public in late 2020, Eos recently reported financial results for the second quarter of 2022.
Eos said it took in orders worth $257.5 million during the quarter, with year-to-date bookings accounting for $324.7 million of a total backlog of nearly $500 million. Compared with 2021, the company's performance has increased considerably.
Eos said before the listing that it didn't expect to be profitable until at least mid-2023, with revenue currently on the rise.
In the second quarter of 2022, it had net income of $5.9 million, an increase of 79% from $3.298 million in the first quarter of 2022. For the full year 2021, the company's revenue was $4.6 million.
For Eos and other battery storage companies—especially those that don't use lithium-ion batteries in their systems, in addition to meeting cost-cutting goals, the ability to scale up production to meet the expected wave of demand for large-scale energy storage devices is increasingly became a problem.
Eos reports that it is on track to reach its target annual production capacity of 800MWh this year and will continue to reduce its production costs while improving performance. After adding about 65MWh of capacity in the first quarter, Eos now has an annual capacity of 536MWh as of June 30, 2022.
However, its cost of sales was $36.9 million, down from $56.6 million at the end of the first quarter of 2022 and $105.7 million at the end of 2021, with a net loss of $56.7 million in the quarter and a loss of $45.8 million in the first quarter.
In addition, Eos recently secured $85 million in loan financing from Atas Credit Partners and signed an equity purchase agreement with Yorkville Advisors for up to $200 million.
Eos' Zynth battery cells use a zinc-mixed cathode that can store and discharge electricity for three hours, and the cells can be connected and stacked to provide up to 12 hours.
