Eos Energy Storage Announces Strategic Partnerships with Major Global Utilities and Independent Power Producers
Partnerships include collaboration on product development and pilot demonstrations of Eos's pioneering grid-scale energy storage technology
NEW YORK--Today, Eos Energy Storage announced partnerships with leading U.S. and European utilities, competitive energy providers and independent power producers aimed at accelerating profitable deployment of Eos's safe, low-cost zinc hybrid cathode (ZnythTM) battery technology in highly reproducible applications on the electricity grid. Eos's 1MW/6MWh Aurora energy storage system will enable more reliable renewable energy, increase the grid's efficiency and resiliency, and ultimately reduce utilities' costs and consumers' electricity bills.
"Eos is excited to welcome Enel (BIT: ENEL), GDF SUEZ (EPA: GSZ), National Grid (LON: NG), NRG (NYSE: NRG) and Public Service Company of New Mexico (NYSE: PNM) as partners in our Genesis Program," said Eos President Steve Hellman. This in-depth collaboration entails business case evaluation, product development and optimization, and pilot demonstration of Eos's innovative battery technology.
Collectively, these Genesis partners represent over 300 gigawatts of generation, 1.6 million miles of transmission and distribution, and 76 million customers in over 70 countries—creating an unprecedented platform for introduction and ultimately wide-spread implementation of the technology. These six partnerships compliment Eos's previously announced pilot project with Con Edison of New York (NYSE: ED).
Hellman continued, "The Genesis program entails cooperation with integrated utilities, competitive energy providers and pure transmission and distribution operators – a range that ensures the ability of Eos's technology to address a variety of markets, operating models, and energy storage applications. Eos looks forward to working with these partners, which include some of the world's largest and most advanced utilities and energy companies, to demonstrate how our energy storage technology can create economic value throughout a wide range of uses."
"Being the world's leading supplier of energy and environmental efficiency services, and with 116 GW of installed generation capacity spanning more than 70 countries, GDF SUEZ is convinced of the growing need for energy storage worldwide," commented Léon Duvivier, Vice President of Technology within the Research & Innovation Division at GDF SUEZ. "We look forward to exploring how energy storage can be monetized across a variety of market and regulatory structures."
"Energy storage is a potential game changer. It could help integrate renewable power into our networks, deliver the cleanest energy to our customers, and drive grid modernization. There are challenges ahead, but through supporting this program, I hope we can move towards making energy storage a commercial reality," said Tom King, National Grid's U.S. President. "As the principal owner and operator of the UK's transmission network and the electricity provider for more than 3 million residential and business customers in New York, Rhode Island, and Massachusetts, we are really excited to be working with Eos and the other partners in the Genesis Program where we hope to further develop the technology for our applications," elaborated Neil Hughes, Head of Technology for National Grid.
"As a competitive energy provider, NRG is excited to potentially realize the benefits of energy storage, including the possibility of combining storage with renewable generation to address intermittency as well as reliability concerns," said Denise Wilson, NRG Energy Executive Vice President and President, New Businesses. "Eos's energy storage technology has the potential to offer a strong, stand-alone value proposition."
"Eos is focused on producing a reliable 25-year battery that can integrate into the utility grid at a price equivalent to a combustion gas turbine," said PNM Chief Operating Officer Ron Talbot. "If they can do that, Eos will be in a position to change the way utilities do business."
Eos has previously announced that its inaugural demonstration will be deployed with Con Edison of New York in early 2014. "We're eager to install and test Eos's novel battery technology, which can be deployed in load centers to shave peak load and alleviate real pain on the distribution system," said Troy Devries, Director of Research and Development at Con Edison.
"We are honored to have this impressive group of industry leaders as our partners and look forward to working closely with them to demonstrate the potential of Eos's advanced battery technology. In doing so, we believe that Eos's partners will add value to their shareholders and customers, while laying the foundations of the rapidly growing energy storage industry," said Eos CEO Michael Oster.
In accordance with a joint development agreement, Eos is also cooperating with BASF New Business GmbH to enhance Eos's battery technology and to support its Genesis program. Eos and its Genesis partners plan to begin the first pilots of MW-scale Aurora batteries in 2014.
ABOUT EOS ENERGY STORAGE:
Eos is developing a low-cost energy storage solution for electric utilities, with additional applications in the industrial, telecoms and transportation industries. Eos's mission is to produce safe, robust, cost-effective energy storage solutions that are less expensive than incumbent alternatives, such as gas turbines for power generation. Eos is located in Edison, NJ, and New York, NY. More information is available at www.eosenergystorage.com.