New York, NY, November 15, 2016 – Eos Energy Storage (“Eos”) – pioneer of the safe, ultra-low cost Znyth® battery – today announced that Jim Hughes, former CEO of First Solar (NASDAQ:FSLR), has joined as Chairman of the Board to guide the company’s transition from technology development to commercial manufacturing and product deployment. The wealth of knowledge and experience Hughes brings from his time at the helm of First Solar – a pivotal player in the creation of utility-scale solar energy – will be invaluable during this important stage in Eos’ growth.
The appointment of Hughes as Chairman of the Board comes on the heels of the company’s announcement of a $23M Series D equity financing and commencement of volume battery production with a multi-billion dollar contract manufacturing partner capable of meeting 100+ MW per year demand.
“The tremendous progress made on cost over the last several years leaves energy storage looking remarkably similar to the solar industry around 5 years ago,” observed Jim Hughes. “The cost reductions have been so rapid that I don’t think the broader energy industry yet recognizes the value it will represent as part of the system and that the economics of energy storage are not only competitive but have the near term potential to be disruptive. Eos has focused on developing a technology and product that outcompetes the lithium ion incumbent, not just on dollar per kWh upfront capital cost but on the lifetime cost of energy delivered. This is going to give Eos the ability to win significant market share and drive profitability. A sharp focus on cost, quality and challenging yourself to beat the toughest competition has proven to be a winning strategy time and again both in traditional energy and renewables. Much as First Solar has proven that it can compete effectively with its differentiated thin-film solar photovoltaic (PV) modules against the leading players in crystalline silicon PV, I firmly believe Eos will demonstrate the same ability within the energy storage arena with its differentiated zinc hybrid (Znyth™) technology.”
During his four years as CEO of First Solar, Hughes managed the company from a $450M loss in the first quarter of 2012 to a $171M profit in the first quarter of 2016. Also during that time, the company set new records for solar cell efficiency, made fundamental changes to power plant architecture, continued to drive down solar costs, and expanded module manufacturing to support an industry-leading over 13GW installed base.
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