TETRA Technologies, Inc. ("TETRA") (NYSE:TTI) and Eos Energy Enterprises, Inc. ("Eos") (NASDAQ: EOSE), a leading provider of safe, scalable, efficient and sustainable zinc-based long duration energy storage systems, today (Dec 16) announced that they have signed a strategic term sheet regarding a long-term supply and collaboration agreement to support the manufacturing of Eos' innovative Znyth® aqueous zinc battery. Key to the operational success of the Zynth system is high purity zinc-bromide, which is part of Eos' patented electrolyte system. TETRA's U.S. based patented manufacturing process produces some of the highest purity levels of zinc-bromide (PureFlow ) globally. TETRA and Eos will collaborate for improved battery performance, cost and system life including an end-of-life solution using TETRA's extensive experience with reclaiming and recycling zinc bromide.
As reported during its third quarter 2021 earnings call, Eos had a backlog in excess of $150 million at the end of September 2021 with an opportunity pipeline of $3.7 billion representing 22 GWh. Eos is projected to expand manufacturing capacity to 800 MWh in 2022. Aligning Eos and TETRA's resources is expected to optimize sourcing and support the growing stationary storage market. TETRA's source of bromine and manufacturing operations are based in Arkansas, further strengthening Eos' domestic supply chain and supporting current U.S. initiatives for domestic manufacturing of clean energy solutions. Additionally, TETRA's recently reported bromine exploration target of between 2.5 million and 8.6 million tons in the Smackover Formation in Arkansas, provides Eos with assurance of having access to the key minerals required to expand.
Eos Chief Executive Officer Joe Mastrangelo commented, "We are pleased to partner with a U.S. based supplier like TETRA that will enable our supply chain continuity and provide access to untapped reserves of bromine as our Company grows. Further, they allow us to continue to produce a product that is recyclable at the end of life and accelerates the shift to clean energy."
Brady Murphy, TETRA's Chief Executive Officer, stated, "We are very pleased to partner with Eos and support cost effective, safe, long duration energy storage technology such as the Eos Znyth® aqueous zinc battery. This relationship aligns well with our strategy to utilize our aqueous chemistry core competency to enable the supply chain for low carbon energy solutions."
About TETRA
TETRA Technologies, Inc. is an industrial and oil & gas products and services company operating on six continents focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. Calcium chloride is used in the oil and gas, industrial, agricultural, road, food and beverage markets. TETRA is evolving its business model by expanding into the low carbon energy markets with its chemistry expertise, key mineral acreage and global infrastructure. Recently announced initiatives include commercialization of TETRA PureFlowTM an ultra-pure zinc bromide for stationary batteries and energy storage; advancing an innovative carbon capture utilization and storage technology with CarbonFree to capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals; and development of TETRA's lithium and bromine mineral acreage to meet the growing demand for oil and gas products and energy storage. Visit the Company's website at www.tetratec.com.
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth® aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable and manufactured in the U.S. it's the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
TETRA Cautionary Statement Regarding Forward Looking Statements
This news release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that TETRA intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning the exploration targets of bromine, the potential extraction of bromine from the leased acreage and the economic viability thereof, the timing and cost of such activities, and statements regarding TETRA's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by TETRA in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of TETRA. TETRA is not currently able to determine the economic viability of the extraction of the bromine from its leased acreage. The extraction of bromine from its brine leases may require a significant amount of time and capital, which TETRA is not able to estimate at this time. While TETRA continues to evaluate the next steps regarding the potential development of its brine leases, TETRA has yet to conduct exploration work on the leases. The exploration target's potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a mineral resource, and it is uncertain if further exploration will result in the estimation of a mineral resource. The exploration targets expressed should not be misrepresented or misconstrued as an estimate of a mineral resource or ore reserve. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Risk Factors" contained in TETRA's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
Eos Cautionary Statement Regarding Forward Looking Statements
This press release includes certain statements that may constitute "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; the failure to convert firm order backlog to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with changes in federal, state, or local laws; risks associated with potential costs of regulatory compliance; risks associated with changes to U.S. trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Eos's most recent filings with the Securities and Exchange Commission, including Eos's most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Eos makes with the Securities and Exchange Commission from time to time. Moreover, Eos operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Eos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise
