Eos takes full possession of HI-POWER battery manufacturing endeavor outside Pittsburgh

• Zinc-based battery maker Eos has actually taken full ownership of the HI-POWER manufacturing endeavor it began with Holtec in 2019. Eos's full procurement will improve its functional as well as monetary flexibility via the vertical assimilation of its supply chain.

HI-POWER is a production facility situated near Pittsburgh, Pennsylvania as well as in close proximity to greater than 80% of Eos's vendors. HI-POWER, which has special manufacturing rights in The United States and Canada, was developed to increase manufacturing of Eos's exclusive aqueous Znyth batteries.

This purchase provides Eos the remaining as well as controlling passion in HI-POWER, including all properties and also copyright. Eos will certainly pay back Holtec's initial $10 million funding contribution in HI-POWER along with five yearly installments of $5 million.

Complying with the closing of the acquisition, Eos presumed complete control over the supply chain, back-office functions, HI-POWER personnel, and also day-to-day administration. Eos will certainly remain to produce its non-toxic, non-flammable power storage space systems at the center, where it utilizes greater than 100 specialists. Furthermore, Holtec will remain to function as a recommended sales companion given its connections with utility business worldwide.

" HI-POWER filled up an important role at a critical juncture for our business as well as permitted us to rapidly increase a production operation," claimed Joe Mastrangelo, Ceo of Eos. "This purchase, incorporated with the supply chain knowledge of our brand-new Principal Operating Police officer, Jody Markopoulos, will tactically place us to develop out the manufacturing group as well as further range our manufacturing. We expect a future where we expect Eos batteries to power communities all over the world."