星期二, 22 7 月, 2025
Home PV Companies Eos takes full ownership of HI-POWER battery manufacturing venture outside Pittsburgh

Eos takes full ownership of HI-POWER battery manufacturing venture outside Pittsburgh

Source:Eos

Zinc-based battery maker Eos has taken full ownership of the HI-POWER manufacturing venture it started with Holtec in 2019. Eos’s complete acquisition will enhance its operational and financial flexibility through the vertical integration of its supply chain.

HI-POWER is a manufacturing facility located near Pittsburgh, Pennsylvania and in close proximity to more than 80% of Eos’s suppliers. HI-POWER, which has exclusive manufacturing rights in North America, was established to expand production of Eos’s proprietary aqueous Znyth batteries.

This acquisition gives Eos the remaining and controlling interest in HI-POWER, including all assets and intellectual property. Eos will pay back Holtec’s initial $10 million capital contribution in HI-POWER in addition to five annual installments of $5 million.

Following the closing of the acquisition, Eos assumed full control over the supply chain, back-office functions, HI-POWER personnel, and day-to-day management. Eos will continue to manufacture its non-toxic, non-flammable energy storage systems at the facility, where it employs more than 100 technicians. Additionally, Holtec will continue to serve as a preferred sales partner given its relationships with utility companies around the world.

“HI-POWER filled an essential role at a critical juncture for our business and allowed us to quickly ramp up a manufacturing operation,” said Joe Mastrangelo, Chief Executive Officer of Eos. “This acquisition, combined with the supply chain expertise of our new Chief Operating Officer, Jody Markopoulos, will strategically position us to build out the manufacturing team and further scale our production. We look forward to a future where we expect Eos batteries to power communities around the world.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

India will add 8,500 MWh of storage within the next two years

India Central Electricity Authority Chairperson Ghanshyam Prasad said on Wednesday that 3,300 MW of Battery Energy Storage System (BESS) projects are in the pipeline...

Coal giant snaps up solar thermal project in landmark deal for long duration storage technology

AGL, Australia’s biggest coal generator, has snapped up a newly approved solar thermal project in South Australia, adding to its options for long duration...

Al Kharsaah: A Pioneering Solar Power Plant in Qatar

Located 80 km west of Qatar's capital, Doha, the Al Kharsaah Solar PV Independent Power Producer (IPP) project is the country's first large-scale solar...

OMV Petrom Buys 50 Pct Stake in Gabare Solar Project

OMV Petrom S.A. has acquired a 50 percent stake in the Gabare solar project from Enery Element, a large-scale project in Byala Slatina, near...