Eos Energy reports a 148% Q4 revenue surge

07 Mar 2024 CW Team

Eos Energy Enterprises, an energy storage solutions provider, announced a remarkable 148% surge in revenue for the fourth quarter (Q4) of 2023, reaching $6.6 million. This surge was fueled by heightened production volumes on the semi-automated manufacturing line for their Z3 Cube, a self-contained energy storage system utilising the company's Z3 battery modules and standard shipping containers.

CEO Joe Mastrangelo noted the transition of the entire manufacturing capacity to the new Eos Z3 Cube, citing anticipated operational benefits, including improved power density and lower unit costs. The company's gross margins in Q4 improved by 66% year-over-year (YoY), reflecting enhanced manufacturing efficiency. Despite this growth, the cost of goods sold totalled $30.4 million, with operating expenses declining by 10%. As of December 31, 2023, the order backlog reached $534.8 million, up 15% from the previous year, with a surge of 77% in the overall commercial opportunity pipeline to $13 billion.

In full-year 2023, Eos reported revenue of $16.4 million, marking an 8.4% decline from 2022 as the company transitioned manufacturing to the new Z3 Cube battery system. However, a sharp decrease in the cost of goods sold by $63.5 million, or 41%, to $89.8 million led to significantly improved gross margins driven by lower raw material costs and initial benefits from the Z3 program. Despite these gains, the net loss for 2023 remained nearly unchanged from the prior year at $229.5 million, as higher operating expenses offset improved gross margins. Mastrangelo emphasised the existence of strong demand signals for longer-duration energy storage.

The company experienced an 89% drop in revenue in the third quarter due to lower sales and a 96% drop in the preceding quarter as it transitioned to the Eos Z3 battery module.

Infrastructure Energy

14 Oct 2025

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..