Eos Energy and ESS Inc. aim for growth in long-duration storage amid revenue challenges and government incentives.

Eos Energy Enterprises, ESS Inc, Energy Vault, and Energy Vault have all had gone public through mergers with special purpose acquisition company (SPAC) entities, with each company having its listing date set for October 2021. Despite these companies claiming they are in the right place and shape to capitalise on opportunities in the global energy storage market, each claimed to be in line to diversify from lithium-ion reliance to provide cost-effective long-duration storage over several hours. Eos Energy’s third-generation zinc hybrid cathode battery-based storage systems were among highlights of the company’s Q3 financial results, with a significant plunge in revenue from US$6.1 million to $6.2 million. The company also highlighted a shift in value proposition towards longer-duration energy storage, with an order backlog of around 2GWh for a value of US$538.8 million as of the end of September, and plans to establish 8GWh of annual production capacity by 2026 with around 80% of the investment of around half a billion dollars. EOS CEO Joe Mastrangelo suggested that US government incentives for manufacturing clean energy technologies domestically could help the company. ESS CEO Eric Dresselhuys suggested that the company could benefit from tax credits worth up to US$45/kWh.