Written by: Leonard Parker | Solar News | 15th April
Zinc-based battery maker Eos has taken full ownership of the HI-POWER manufacturing venture it started with Holtec in 2019. Eos’s complete acquisition will enhance its operational and financial flexibility through the vertical integration of its supply chain.
HI-POWER is a manufacturing facility located near Pittsburgh, Pennsylvania and in close proximity to more than 80% of Eos’s suppliers. HI-POWER, which has exclusive manufacturing rights in North America, was established to expand production of Eos’s proprietary aqueous Znyth batteries.
This acquisition gives Eos the remaining and controlling interest in HI-POWER, including all assets and intellectual property. Eos will pay back Holtec’s initial $10 million capital contribution in HI-POWER in addition to five annual installments of $5 million.
Following the closing of the acquisition, Eos assumed full control over the supply chain, back-office functions, HI-POWER personnel, and day-to-day management. Eos will continue to manufacture its non-toxic, non-flammable energy storage systems at the facility, where it employs more than 100 technicians. Additionally, Holtec will continue to serve as a preferred sales partner given its relationships with utility companies around the world.
“HI-POWER filled an essential role at a critical juncture for our business and allowed us to quickly ramp up a manufacturing operation,” said Joe Mastrangelo, Chief Executive Officer of Eos. “This acquisition, combined with the supply chain expertise of our new Chief Operating Officer, Jody Markopoulos, will strategically position us to build out the manufacturing team and further scale our production. We look forward to a future where we expect Eos batteries to power communities around the world.”
News item from Eos