NEW YORK–(BUSINESS WIRE)–Eos Energy Storage (“Eos”) – pioneer of the safe, ultra-low cost Znyth® battery – today announced a number of appointments to the company’s Advisory Board. The advisors will lend strategic guidance as Eos transitions to become a customer-facing product company and will help to expand commercialization of Eos’ innovative energy storage technology globally and in markets beyond utilities –including commercial, industrial, and military applications.
Newly appointed Advisory Board members include:
* Steven Chu, former U.S. Secretary of Energy, American physicist and Nobel Laureate, and former Director of the Lawrence Berkley National Laboratory
* Jerry Yang, Founding Partner of AME Cloud Ventures, co-founder of Yahoo! Inc.
* Lawrence H. Summers, former U.S. Secretary of the Treasury, former Director of the U.S. National Economic Council, and….
Eos Energy Storage, the startup that’s attracted utility interest from around the world in its low-cost, zinc-based batteries, is raising money to build more of them, and to get those units out in the field. Deployments are needed to prove the company’s bold claims of multi-hour, long-lasting energy storage at a cost of $160 per kilowatt-hour.
On Tuesday, Eos announced the initial closing of a sale in a private placement of approximately $23 million. The New York-based startup previously raised $23 million in May 2015 in a round led by AltEnergy, and about $27 million in two previous funding rounds from investors including OCI, NRG Energy and Fisher Brothers.
Eos Energy Storage will demonstrate residential and commercial battery systems at the University of California San Diego, with the support of a $2 million award from the California Energy Commission.
Eos is partnering with global original equipment manufacturers to package, distribute, and support mass market products using the company’s Znyth battery technology.
Eos manufactures grid-scale battery solutions designed to support 4-hour locational capacity with levelized cost of energy. The company’s core product — the Aurora 1000│4000 — is a 1 MW | 4 MWh DC battery system which is now being sold at a volume price of $160 per usable kWh while supporting more than 5,000 full depth of discharge cycles or about 15 years of continuous operation. Utilities and developers are using the Aurora solution for peak shaving, frequency response and renewable integration.
A New York microgrid demonstration project will use an energy storage system from Eos Energy that the company describes as the lowest-cost battery storage on the market. The New York State Energy and Research Development Authority awarded Eos Energy $750,000 to support production, installation and demonstration of the 250 kW, 1000 kWh battery energy storage system that will be used in Wappingers Falls microgrid.
Convergent Energy + Power, a market-leading energy storage asset developer, has announced a 10 MW, 40 MW-hour project award from Pacific Gas and Electric Company (“PG&E”). This project was selected as part of the first round of PG&E’s highly competitive Energy Storage Request For Offers solicitation, with results announced December 2, 2015.
NEC Energy Solutions (“NEC ES”), a subsidiary of NEC Corporation, announced today that it has entered into an agreement with Eos Energy Storage LLC (“Eos”) to develop next-generation energy storage solutions based on Eos’s Znyth™ zinc hybrid cathode battery chemistry and its Aurora DC battery system.