Eos Energy Enterprises has entered a master supply agreement with energy developer Bridgelink, through which up to 500MWh of Eos’ zinc battery storage systems could be deployed at projects in Texas, US.
Bridgelink Commodities, a division of Bridgelink mainly focused on energy trading and operations and maintenance (O&M) activities, has committed to purchasing an initial 240MWh of Eos Znyth battery storage technology.
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The deal could expand to the half gigawatt-hour figure over a three-year term. That would take the total value of the order up to US$150 million, Eos said in a release yesterday.
Eos listed on NASDAQ in 2020 after a special purpose acquisition company (SPAC) merger. Chief commercial officer Balki Iyer said that the Bridgelink deal grows the battery company’s backlog to a figure in excess of US$200 million and “rapidly approaching 1GWh” of orders.
Eos is targeting US$400 million in booked orders for 2022 and considers its pipeline of commercial opportunities at present to stand at a value of more than US$4 billion.
In November last year, it announced another big sale to solar EPC company Blue Ridge Power, which is buying 300MWh of Znyth systems for multiple projects this year and next.
Bridgelink, which is developing more than 8GW of renewable energy projects, will use Eos’ proprietary zinc hybrid cathode batteries to reduce curtailment of generated renewable energy and provide balancing and resiliency services to Texas’ ERCOT grid.
Texas has been identified as the leading US state for planned solar and battery storage capacity additions over 2022 and 2023 by the US government’s Energy Information Administration.
Bridgelink Commodities is a Qualified Scheduling Entity (QSE) to the ERCOT market, which means it can submit bids and offers on behalf of resource entities (RE) or load-serving entities (LSE) — including electric retail utilities.
Bridgelink managing director William Flaherty said that Eos’ battery storage units, which come in three-hour duration increments, but can be stacked together to create long-duration energy storage with up to about 12-hours’ duration, were a perfect solution for his company’s needs.
“ERCOT is a dynamic market that requires long-duration storage technology to achieve success in this evolving environment,” Flaherty said, adding that Eos’ zinc-based battery is safe, requires low operating expenditure and is made in the US.
Eos had noted that the deal with Bridgelink was at the letter of intent stage when reporting financial results in late February. The company has offered 2022 revenue guidance of US$50 million and recently got its programme of expansion underway at a manufacturing facility in Pittsburgh, ramping up to 800MWh annual production capacity. Eos secured a long-term supply deal for the zinc-bromide used in its battery electrolyte from sources in the US with chemicals company TETRA late last year.
In a recent Guest Blog for this site, Zinc Batteries Initiative trade group manager Dr Josef Daniel-Ivad described the metal as being versatile, abundant and promising for energy storage across a range of applications and different technologies.
“Now with 30 years of innovations under their proverbial battery belts, zinc battery developers are innovating their way around the challenges and are poised to compete effectively with their less safe and sustainable competitors,” Dr Daniel-Ivad wrote.