BY BEN COOK
- Eos listed 15 months in the past and has now booked orders of $137.4 million
- Its know-how has a 3-12 hour discharge functionality
- However the CEO says the market will want a wide range of storage applied sciences
Though Eos Vitality has grown quickly since changing into a listed firm, CEO Joe Mastrangelo is not making any outlandish claims about how Eos’ know-how will dominate the trade.
His evaluation is that there’s a want for various storage applied sciences to fulfill completely different market wants.
However what he says is that Eos will play a serious function within the evolution of the storage sector.
It has been 15 months because the New Jersey-headquartered firm listed on the Nasdaq, elevating practically $126 million.
Since then, the corporate has grown to greater than 200 staff and, as of November final 12 months, booked orders of $137.4 million by means of 2021, leading to a backlog of $151.8 million.
Current highlights for Eos embody the event of a producing facility in Turtle Creek, Pennsylvania, 12 miles southeast of Pittsburgh. The corporate is at the moment at 200MWh manufacturing capability however hopes to hit 800MWh by the top of the 12 months.
Eos vitality storage techniques – which, it says, use “accessible non-precious earth parts” – have 3-12 hours of discharge functionality and have what’s described in firm a “extensive working temperature vary to allow deployment with out utilizing devoted heating or cooling”.
Vitality Conservation Report spoke with Mastrangelo about latest developments at Eos, the market segments the corporate is focusing on, the largest challenges the corporate faces, and rising developments within the storage sector.
In what has turn into an more and more aggressive vitality storage market, what would you say differentiates Eos Vitality’s providing?
Joe Mastrangelo: First, the pliability of how the know-how works, and that is flexibility in sure kinds. You possibly can discharge wherever from three to 13 hours of vitality, you’ll be able to function wherever from minus 20C to 50C. Flexibility and stability of the design are essential. You’ve gotten a really costly aggressive product from the standpoint of accessible substances in land abundance and a quite simple capital-efficient manufacturing course of. It is also a secure product, so you do not have the thermal runaway danger you see with lithium-ion. On the identical time, nothing can poison the battery. Every battery materials is totally recycled on the finish of its helpful life.
What would you say have been the important thing developments in Eos over the previous 12 months?
JM: I’d emphasize three issues. We now have a completely functioning working manufacturing facility delivering the product to the sphere. If you’re taking a look at alternate options to lithium-ion applied sciences, we set up and function subject property. Second, we’re constructing our backlog – from once we went public with $5 million in backlog to over $130 million now, that is an accomplishment in a brief time frame with a powerful pipeline. The third factor, which is an important factor for the way forward for the corporate is the management staff and the expertise that now we have interested in the group to set it up for future success.
The corporate went public, the attraction of recent expertise, how did all this have an effect on the best way Eos operates?
JM: I feel each firm goes by means of this evolution as you go from an R&D experiment, quickly iterating designs to a commercialized industrial firm that persistently delivers. We do not wish to lose that first half as a result of that is what made us so profitable. However that legacy of R&D experimentation will not make you profitable and you need to hold delivering. In the event you take a look at what we have finished, we have supplemented the good individuals now we have growing the product with a variety of expertise with deep trade experience to develop the corporate and ship for the longer term.
What market segments are you focusing on?
JM: We’re in two major areas. First, front-of-the-meter, utility scale storage, that is a variety of photo voltaic plus storage and what I’d name locational capability storage that is not tied to a producing asset, however takes energy off the grid when there’s extra provide. and positioned it. come again when you’ve elevated demand. That is a rising marketplace for us and we are able to scale rapidly.
On the identical time, we’re growing our technique behind the metro – business, industrial, inside buildings and concrete settings. We have now to do this with companions in several trade verticals, however the great thing about our product is that it is quite simple. You do not want ancillary techniques, you do not want complicated management techniques to run – the system can sit at zero cost for lengthy intervals of time and work. Behind the meter market, the place there are individuals who say ‘I simply wish to use a system, I haven’t got a big staff of engineers’, we provide a easy, steady, secure, dependable. answer for that.
The place do you conduct most of your small business?
JM: The lion’s share is within the US. Nonetheless, in the event you take a look at the backlog, now we have a system that we’re commissioning in Nigeria, now we have a system in Greece and now we have two pilot tasks in India that we’re working.
Do you suppose non-US enterprise will probably be a much bigger a part of what you do?
JM: It would develop. However in the event you take a look at the place a lot of the alternatives are at this time, a variety of them are within the US. After which, due to the scale of our firm, now we have to be very considerate about what we do internationally since you do not wish to stretch your provide traces like a small firm.
Will there be any vital developments within the firm within the subsequent 12 months?
JM: We’re at round 250MWh manufacturing and by the top of the 12 months we wish to be at 800MWh after which we wish to increase additional. That is a giant challenge we’re engaged on. You see a rise in manufacturing charges and a rise in product yields, which can enable us to increase and enhance orders.
You talked about photo voltaic and storage earlier, do you see any alternatives in wind and storage?
JM: There are alternatives. I feel it is completely different from the best way photo voltaic works, however there’s a variety of potential there. Photo voltaic is fairly predictive, you realize when the solar goes to return up, when it’ll be darkish, whereas the wind, there’s extra variability and we’re working with individuals to indicate them tips on how to cost at completely different speeds and -discharge at completely different velocities will probably be carefully associated to the wind.
What would you say are the largest challenges within the day-to-day working of the enterprise?
JM: That is essentially the most difficult world provide chain atmosphere I’ve ever seen. Each day, a problem will come up and you could overcome the problem to proceed working. You could have a powerful relationship together with your provider base and you can’t consider them as suppliers. They actually have to be companions – we have introduced in all our key suppliers to go over what our demand seems to be like for the 12 months, to allow them to line up.
What do you suppose will probably be a development within the storage trade within the coming 12 months?
JM: I feel we want extra applied sciences to fulfill the demand there. I wish to let you know that EOS know-how will probably be 50%, 60% of the market, however that’s not true. Vitality generally is a combination. It all the time does, and it all the time does. I feel we play a giant function in that blend due to the pliability that now we have – there isn’t any different know-how that we have seen available in the market that gives that.
I feel the opposite factor is, though renewables are rising, I am not ignoring the truth that pure fuel goes to play a giant function within the vitality combine as we go ahead. And I feel you will note extra of a wedding of storage with fuel generators, making them extra versatile and greener.
