TURTLE CREEK, Pa., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the “Company”), America’s leading innovator in the design, sourcing, and manufacturing of zinc-based long duration energy storage (LDES) systems, manufactured in the United States, today announced that it has received the first loan advance from the Department of Energy's (DOE) Loan Programs Office in the amount of $68.3 million. The loan advance, which covers 80% of eligible costs incurred to date on the Mon Valley Works expansion project, represents the maximum allowable amount under the program at this time. The loan advance covers both capital expenditures and project associated operating expenses incurred as part of the Company's production expansion plans related to Project AMAZE in the Mon Valley Works. These funds support Eos’ ongoing efforts to enhance its operational capacity and further its strategic growth objectives. “Our first state-of-the-art manufacturing line has been operational since June 2024, and this funding is a significant milestone towards expanding our manufacturing capacity and being able to procure line 2,” said Nathan Kroeker, Eos Chief Financial Officer. “The loan proceeds from the DOE, coupled with our strategic partnership and investment from Cerberus Capital Management, facilitates our growth plans to capitalize on the growing need for long duration energy storage solutions.” This announcement comes on the heels of 616 MWh in new customer orders and an announced partnership with FlexGen to address a preliminary 50 GWh market opportunity, highlighting the growing demand for American-made long duration energy storage. About Eos Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough ZnythTM aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it's the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com . Forward Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, contribution margins, orders backlog and opportunity pipeline for the fiscal year ended December 31, 2024, our path to profitability and strategic outlook, the tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act of 2022, the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds therefrom, the DOE loan and statements regarding the receipt of funds under the DOE loan and the anticipated use of proceeds therefrom, obtaining the requisite approvals from the DOE to receive guarantees under the loan guarantee agreement, our ability to meet the applicable conditions precedent under the loan guarantee agreement, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; uncertainties around our ability to meet the applicable conditions precedent to any funding under the DOE loan; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.RIYADH: The UN Internet Governance Forum concluded its 19th edition on Thursday at the King Abdulaziz International Conference Center in Riyadh. The forum’s organizers said that the global event had focused on internet governance policies and emerging digital challenges. It had achieved the highest attendance in the history of the forum, surpassing 11,000 participants. The forum also witnessed the launch of the Riyadh Declaration, a document which aims at strengthening international partnerships in artificial intelligence and digital technologies to serve humanity. The event featured experts and specialists in internet technology and policy from 170 countries, with more than 1,000 international speakers contributing to over 300 sessions and workshops, the Saudi Press Agency reported. It revolved around four main topics: innovation and risk in the digital space; development and sustainability; promoting human rights and inclusiveness; and improving the digital governance of the internet, the SPA added.
Podeli : Serbian President Aleksandar Vucic said on Friday that the United States are going to blacklist the Serbian Oil Industry (NIS) in the next few days. Speaking live on the pro-regime Informer TV, Vucic said that the US would impose sanctions against NIS because it is partly Russian-owned. He added that the UK would also impose sanctions on NIS. He said that he does not know exactly when the sanctions would be imposed. “They have to give us a deadline.... We expected this a year and a half ago from the European Union. That didn’t happen but it’s coming from America. ... This creates problems with our Russian friends, political and every other kind,” he said. Vucic said one solution is to reduce the Russian stake in NIS to less than the current 50 percent. According to official records, Russia’s Gazpromneft owns 50 percent of NIS, Serbia owns 29.87 percent and the Russian Gazprom 6.15 percent.
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AAR resolves Foreign Corrupt Practices Act investigations with the DOJ and SECRacing Optics® Introduces Game-Changing Twilight Tearoff to Enhance Visibility in Low-Light Racing ConditionsMunster captain Tadhg Beirne cut a frustrated figure after his side lost out to Castres in the pool stages of the European Champions Cup at Stade Pierre-Fabre on Friday night. Despite former Connacht back-row Abraham Papali’i and Quentin Walcker crossing the whitewash for the hosts - who are coached by former Ireland international Jeremy Davidson - Munster were just three points adrift (10-7) at half-time in France following a converted try from openside flanker John Hodnett. The visitors did edge in front when Jack Crowley added the bonuses to another Hodnett five-pointer, but with Louis Le Bruin knocking over a penalty to supplement an earlier place-kick from Jeremy Fernandez, Castres swung the pendulum back in their favour. Munster were awarded a penalty in the final minute of the contest, but after Crowley failed to find touch from distance, Ian Costello’s men were forced to settle for a losing bonus point. “It was pretty frustrating. It was there for us to win it, we had ample opportunities. We had an extra man for the majority part of the game [Castres picked up three yellow cards over the course of the action], but we just couldn’t score the tries. When we got inside their ‘22’, we let ourselves down with a lot of silly errors,” Beirne remarked when speaking to Premier Sports after the game. “Whether it was forward passes, knock ons in the line-out, poor line-out calls from myself. Just a number of errors, giving away penalties and credit to Castres. They got dominance in the scrum and they started to take hold of the game there. We had an opportunity at the end there, but that is the way sport goes.” Although they remain firmly in contention to progress in the competition, their defeat to Castres is a set-back for Munster in their bid to secure a top-two finish in Pool 3 – which would grant them a home tie in the Champions Cup Round of 16. For those who finish third and fourth in the pool stages, they will face an away fixture in the last-16 of Europe’s top-tier. On January 11 and 18 respectively in the new year, Munster will face tricky European assignments against English Premiership outfits Saracens (home) and Northampton Saints. Before then, however, the Reds will switch their focus to a busy schedule in the United Rugby Championship. Next Friday evening will see them taking on Ulster at Kingspan Stadium in the URC and Beirne acknowledged that he and his Munster team-mates will need to get themselves back in the right frame of mind for a tough interprovincial clash against Richie Murphy’s northerners. “We’re just going to have to regroup, dust ourselves off. We can’t feel sorry for ourselves. We’ll be hugely disappointed with that, but we’ll have to dust ourselves off like I said. It’s a tough place to go up in Ulster too, no different to here. A few lads with knocks, hopefully nothing serious, and we’ll go again next week,” Beirne added.