Press release

Eos Energy Storage and Holtec International Establish a Multi-Gigawatt Manufacturing Joint Venture for Eos’s Next Generation Battery

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Holtec International, a supplier of equipment and systems for the energy industry, and Eos Energy Storage (Eos), a supplier of Znyth® DC battery systems, in an expansion of their strategic partnership, announced the formation of HI-POWER, LLC, a multi-gigawatt manufacturing joint venture to produce Eos’s next generation of aqueous zinc batteries.

HI-POWER will leverage a combination of Eos’s proprietary, automated battery manufacturing design and Holtec’s more than 30 years of market leading automation and manufacturing experience to build a state-of-the-art manufacturing facility in Pittsburgh, PA.

“We are excited to partner with Holtec to establish a world-class manufacturing facility and also work together to bring our DC system to Holtec’s existing customer base in addition to meeting the rapid global growth of battery storage,” said Joe Mastrangelo, Chief Executive Officer of Eos.

The Eos next generation batteries are zinc hybrid cathodes which not only provide a safe, sustainable, and scalable alternative to lithium-ion, they also operate across a wide temperature range without HVAC and without the risk of fire or explosion. Eos batteries feature over four hours of energy, are capable of 100 percent charge and full discharge and can operate in -15 °C to 45 °C temperatures without heating or cooling. Additionally, the batteries are comprised of high-volume core commodity components, using no rare earth materials, and are fully recyclable. Its modular flexibility and safety attributes allow for in-building installations, as well as plug-and-play outdoor container solutions.

“Holtec will team with Eos in making HI-POWER one of the largest battery manufacturers in the U.S., leveraging Holtec’s years of manufacturing experience and Eos’s 10+ years in developing the best market alternative to lithium-ion,” stated Dr. Kris Singh, President and CEO of Holtec International.

Holtec will also collaborate on Eos battery sales, providing HI-POWER with the order volume needed to continue to drive cost efficiencies.

“Although we continue to invest in our nuclear business and believe in the future of our small modular reactor program for low carbon baseload energy, we recognize that renewables must also play a critical role in reducing carbon emissions going forward. A key limitation of renewables has been variability in production, which can be levelized with the DC battery system, helping drive a fundamental shift in the renewables market,” stated Rick Springman, Holtec’s Vice President of International Projects.

Eos, founded in 2009, has conducted over 15 million hours and two million test cycles in developing its Znyth® DC battery system and has produced over 3,000 batteries for industrial, utilities and micro-grid applications across four continents.

About Eos Energy Storage

Eos Energy Storage is ready to help scale clean energy faster. Eos battery solutions ensure renewables are as reliable and competitive as the market expects and sustainable as the world needs. The Eos Aurora® system integrates the company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion. Optimized with relentless testing, the Eos battery is non-flammable, proven to perform, made with widely available materials and is fully recyclable. Eos Energy System is headquartered in Edison, NJ.

About Holtec International

Holtec International is a privately held energy technology company with operation centers in Florida, New Jersey, Ohio and Pennsylvania in the U.S., and globally in Brazil, Dubai, India, South Africa, Spain, U.K. and Ukraine. Holtec’s principal business concentration is in the nuclear power industry. Holtec has played a preeminent role since the 1980s in nuclear plants’ wet spent fuel storage in pools at over 110 reactor units in the U.S. and abroad. Dry storage and transport of nuclear fuel is another area in which Holtec is recognized as the foremost innovator and industry leader with a dominant market share and an active market presence in over 115 reactor units. Among the Company’s pioneering endeavors are the world’s first below-ground Consolidated Interim Storage Facility being licensed in New Mexico and a 160-Megawatt walk away safe small modular reactor, SMR-160, developed to bring cost competitive carbon-free energy to all corners of the earth. Holtec is also a major supplier of special-purpose pressure vessels and critical-service heat exchange equipment such as air-cooled condensers, steam generators, feedwater heaters, and water-cooled condensers. Virtually all products produced by the Company are built in its three large manufacturing plants in the U.S. and one in India. Thanks to a solid record of consistent profitability and steady growth since its founding in 1986, Holtec has no history of any long-term debt and enjoys a platinum credit rating from the financial markets. Nearly 100 U.S. and international patents protect the Company’s intellectual property from predation by its global competitors and lend predictable stability to its business base.