New Jersey-based Eos Energy Enterprises, a sustainable zinc-based energy storage systems company, recently purchased the remaining 51 percent ownership stake in HI-POWER, a Pittsburgh manufacturing facility.
The purchase gives Eos control over HI-POWER assets and intellectual property as well as its day-to-day management, personnel, back-office functions, and supply chain.
It will enhance Eos’ operational and financial flexibility through the vertical integration of its supply chain, the company said.
“HI-POWER filled an essential role at a critical juncture for our business and allowed us to quickly ramp up a manufacturing operation,” Joe Mastrangelo, Eos CEO, said. “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.”
HI-POWER is a joint venture between Eos and Holtec International. Eos will pay back Holtec’s initial $10 million capital contribution and five additional annual installments of $5 million.
HI-POWER is located near more than 80 percent of Eos’ suppliers. It has exclusive manufacturing rights in North America of Eos proprietary aqueous Znyth batteries.