Jimmy Carter, the 39th U.S. president, has died at 100TURTLE 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.
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Professor and head of the department of civil engineering at P.V.P. Siddhartha Institute of Technology (PVPSIT) Jagadish Vengala has been appointed chairman of the Indian Concrete Institute (ICI), Vijayawada centre, for the 2024–2026. With over two decades of experience in teaching, research and the industry, Mr. Vengala is expected to lead initiatives promoting innovation in concrete technology, professional development and industry collaborations. Principal of PVPSIT K. Sivaji Babu said the ICI plays a critical role in ensuring concrete quality as construction activities pick up in Amaravati. Published - December 25, 2024 11:35 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp RedditMEXICO CITY (AP) — Walmart’s Mexico subsidiary said Friday it plans to appeal a $4.6 million fine for alleged anti-competitive practices involving suppliers. Walmart de Mexico said in a statement that it had talked with suppliers to see if there were any concerns. The agency that issued the fine, known as the Federal Competition Commission, expressed concerns about a “relative monopolistic practice.” The commission, Mexico's main anti-monopoly regulatory agency, is one of several independent agencies soon to be eliminated as part of what the government describes as a money-saving measure. It apparently levied the fine after at least one rival store chain accused Walmart of using its substantial purchasing power to gain discounts that put other sellers at a disadvantage. Walmart is by far the largest retail chain in Mexico. It called the decision “incorrect” and said it contained “errors in applying the law.” The company said it would abide by the agency’s ruling Thursday, but would appeal the decision. Walmart's shares rose about 7.5% on the Mexican stock exchange Friday.
Trump selects longtime adviser Keith Kellogg as special envoy for Ukraine and Russia
SUNRISE, Fla. — Aleksander Barkov and Carter Verhaeghe had power-play goals, Sam Reinhart had a short-handed score and the Florida Panthers beat the Toronto Maple Leafs 5-1 on Wednesday night for only their second win in eight games. Mackie Samoskevich also scored for Florida, Sam Bennett got an empty-net goal and Sergei Bobrovsky stopped 24 shots for the Panthers. Verhaeghe also had two assists. Mitch Marner scored for the Maple Leads, who lost for the second time in the last nine games and saw their lead in the Atlantic Division over Florida cut to one point. Anthony Stolarz stopped 19 shots for Toronto. The Maple Leafs lost forward Bobby McMann in the second period with a lower body injury. Takeaways Maple Leafs: Stolarz, defenseman Oliver Ekman-Larsson and forward Steven Lorentz — all Panthers last season — got their Stanley Cup championship rings in a Wedneday morning ceremony. Panthers coach Paul Maurice, general manager Bill Zito and a number of Panthers players also were present to celebrate with their former teammates. “Worth the wait,” Lorentz said. Panthers: Florida was without Anton Lundell, who left Monday's game after a puck was deflected into his face. He took part in the morning skate Wednesday but wasn't in the game lineup. Key moment Samoskevich's goal put Florida up 2-0 — it came 50 seconds after Barkov opened the scoring — and was a very good sign for the Panthers. They're now 4-0-0 when the former Michigan star gets a goal. Florida Panthers center Sam Reinhart, center, celebrates with center Aleksander Barkov (16) and defenseman Gustav Forsling, right, after scoring a goal during the second period of an NHL hockey game against the Toronto Maple Leafs, Wednesday, Nov. 27, 2024, in Sunrise, Fla. Credit: AP/Lynne Sladky Key stat Reinhart has four short-handed goals this season. The only team — besides Florida — with four short-handed goals this season is Columbus, and 20 NHL clubs entered Wednesday with no more than one such goal this season. Up next The Maple Leafs visit Tampa Bay on Saturday, while the Panthers visit Carolina on Friday to start a home-and-home, with the return Saturday in Sunrise.