The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Eos Energy Enterprises revenues fall in Q4 while order backlog reaches nearly 2GWh

LinkedIn
Twitter
Reddit
Facebook
Email

Zinc battery firm Eos Energy Enterprises had a disappointing Q4 2022 with revenue falling both year-on-year and quarter-on-quarter, although its orders booked and order backlog continue to grow strongly.

In its full-year results for 2022, the company said revenue reached US$17.9 million, nearly four times higher than the US$4.6 million the prior year. But the final quarter of the year did not follow the same trend, and perhaps should come as no surprise after the company warned in November that it would not achieve its initial guidance for full-year 2022 revenues.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Q4 2022 revenue of US$2.7 million was less than half that of the previous quarter – US$6 million in Q3 2022 – and 13% lower than the US$3.1 million reported for Q4 2021.

The full-year figure was 64% lower than the US$50 million in 2022 revenue Eos was initially guiding for before announcing in November that target would not be achieved, hinting that supply chain issues were the cause. Supply chain has been an issue across the sector and was a major talking point at Energy Storage Summit last week.

Q4 revenue was mainly driven by the completion of an 80MWh project for developer Pine Gate Renewables. A major order booked during the period was a 3MW/35MWh system for a hybrid renewables microgrid in California part-funded by the California Public Utilities Commission.

Eos sells a stackable energy storage system based on proprietary zinc hybrid cathode technology configured for different applications. Its main product is the Eos Cube for the commercial and industrial (C&I) or utility-scale sectors.

Eos has grown its ‘booked orders’ by 146% to 1.4GWh, worth US$338.6 million in revenues. Booked orders means deals with legally binding agreements executed by both parties. Its ‘orders backlog’ meanwhile grew even faster at 214% to 1.9GWh and its pipeline, which includes technical proposals and non-binding quotes, is now at 29GWh.

CEO Joe 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 Inflation Reduction Act and our progression through the DOE loan due diligence phase provides the growth catalysts to expand our increasingly commercially viable technology.”

The firm is mainly targeting California, Texas and New York.

The company’s share price sits at US$2.19 at the time of writing and does not appear to have been materially affected by the results which were within the new guidance. See all previous Energy-Storage.news coverage of Eos Energy Enterprises here.

Energy-Storage.news’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

June 14, 2024
System integrator Stem Inc and developer Prometheus Power have deployed the first of three co-located BESS projects in Arizona for utilities in the AEPCO co-operative.
June 13, 2024
US$5 million will be made available for long-duration energy storage (LDES) projects via a competitive solicitation run by the New York State Energy Research and Development Authority (NYSERDA).
Premium
June 12, 2024
BHE Renewables (BHER) has secured Power Purchase Agreements (PPAs) with California community electricity provider Clean Power Alliance (CPA) relating to two of the developer’s hybrid solar-plus-storage projects in Kern County, California.
June 11, 2024
US-based independent power producer (IPP) NextEra and utility Entergy have revealed a five-year, 4.5GW development pipeline of solar and storage projects.
June 11, 2024
US lawmakers have accused lithium-ion battery OEMs CATL and Gotion High-Tech of having supply chain connections to forced labour and Uyghur oppression in China – a claim the firms adamantly deny – and called on an immediate block on shipments of their products.

Most Popular

Email Newsletter