星期五, 10月 22, 2021
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

Calculating the value of a community solar program

In an effort to quantify the overall value that community solar programs could add, the Coalition for Community Solar Access enlisted Michigan State University’s...

Highway-side solar could produce 36 TWh annually

Research published by the Webber Energy Group at the University of Texas at Austin and nonprofit group The Ray has led to a partnership...

Maine city, school district subscribe to 2.3 MW of community solar

The Town of Wells and the Wells Ogunquit Community School District have signed a Net Energy Billing Agreement with Boston-based solar provider Nexamp. Under...

Pine Gate Renewables breaks ground on nearly 70-MW North Carolina solar project

Pine Gate Renewables announced the financing of its second project in Stanly County, North Carolina, which will generate 69.89 MW of renewable energy for...