Eos Energy Enterprises (NASDAQ:EOSE) stock is soaring higher on Wednesday following an update from the energy storage systems company about new orders.
According to Eos Energy, it has signed two new orders that will see it providing energy storage capacity to Bridgelink Commodities and an unnamed Northeast solar developer. The company notes that these orders total 1.1 GWh and will be delivered over the next three years.
The Bridgelink order has the company increasing its multi-year master supply agreement to 1 GWh. This brings the value of the new order to $181 million over the next three years. Eos Energy will also develop a separate 40MWh with a value of $13 million with delivery taking place in Q4 2022.
The Northeast solar developer is seeking 300 MWh of energy storage from Eos Energy. That deal covers battery tech to be used in front-of-meter grid installations and behind-the-meter industrial applications.
Eos Energy notes that these new orders more than doubled its backlog to $460 million. This has it expecting more than $400 million in new orders this year.
Joe Mastrangelo, CEO of Eos Energy, said the following about the orders.
“These orders fit perfectly with our ongoing manufacturing capacity expansion which we began late last year. Growing our relationship with customers like Bridgelink demonstrates how our flexible technology allows our customers to serve a variety of use cases.”
Alongside the new orders is heavy trading of EOSE stock. This has some 41 million shares on the move as of this writing. That’s a massive leap over its daily average trading volume of around 2.8 million shares.
EOSE stock is up 17.5% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
