Summary by Moomoo AI
On January 31, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced a significant material definitive agreement through its subsidiary HI-POWER, LLC. The agreement with SHPP US LLC, an affiliate of Saudi Basic Industries Corporation (SABIC), establishes SABIC as the exclusive supplier of a specific resin product for HI-POWER's authorized purchasers. This exclusive arrangement includes pricing commitments and minimum purchase volume requirements from HI-POWER, granting them exclusive rights to purchase the product for use in zinc-bromine bi-polar electrodes within stationary utility storage. The agreement is set to expire on December 31, 2028. Additionally, on February 1, 2024, Eos Energy issued a press release detailing the partnership and its alignment with Project AMAZE, aimed at scaling Eos's...Show More