Our Stock of the Week is Eos Energy Enterprises, EOSE. EOSE develops and sells low-cost battery storage systems for use by the electric utility industry. It describes itself as follows: 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.
The company is still at an early stage, but after its June quarter, the companies backlog jumped from $212.4M to $457.3M, and its current pipeline now stands at $7.0B, According to B. Riley
Recently EOSE named Jeff Bornstein to its board of directors. He is a former CFO and Vice Chairman of General Electric.
In addition, well-known hedge fund Point72 Capital disclosed that it holds a 5.2% passive stock in the company
The company should benefit from the green energy push and has recently been invited to the due diligence stage of the U.S. Department of Energy’s Title XVII Innovative Clean Energy Loan Guarantee Program.
Technically the stock has found some support around the $2 area and has made several attempts to break the downtrend. It has shown good relative strength in a poor market and has attracted a high level of speculative trading.
As always, we would not chase strength on Monday morning but look to aggressively trade the stock as conditions develop.