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Eos Energy | 8-K: Current report

SEC announcement ·  Feb 1 21:41
Summary by Futu AI
On January 31, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced a significant material definitive agreement through its subsidiary HI-POWER, LLC. The agreement with SHPP US LLC, an affiliate of Saudi Basic Industries Corporation (SABIC), establishes SABIC as the exclusive supplier of a specific resin product for HI-POWER's authorized purchasers. This exclusive arrangement includes pricing commitments and minimum purchase volume requirements from HI-POWER, granting them exclusive rights to purchase the product for use in zinc-bromine bi-polar electrodes within stationary utility storage. The agreement is set to expire on December 31, 2028. Additionally, on February 1, 2024, Eos Energy issued a press release detailing the partnership and its alignment with Project AMAZE, aimed at scaling Eos's...Show More
On January 31, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced a significant material definitive agreement through its subsidiary HI-POWER, LLC. The agreement with SHPP US LLC, an affiliate of Saudi Basic Industries Corporation (SABIC), establishes SABIC as the exclusive supplier of a specific resin product for HI-POWER's authorized purchasers. This exclusive arrangement includes pricing commitments and minimum purchase volume requirements from HI-POWER, granting them exclusive rights to purchase the product for use in zinc-bromine bi-polar electrodes within stationary utility storage. The agreement is set to expire on December 31, 2028. Additionally, on February 1, 2024, Eos Energy issued a press release detailing the partnership and its alignment with Project AMAZE, aimed at scaling Eos's Z3 battery production and reducing costs. The collaboration with SABIC Specialties has led to the development of a new conductive composite thermoplastic, replacing titanium in the Eos Z3 battery module, resulting in an 80% weight reduction and enhanced performance. This partnership is part of Eos's strategic path to profitability and is the second major supply chain partnership announced by the company in 2024.

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