Summary by Moomoo AI
On January 8, 2024, Eos Energy Enterprises, Inc., a leading energy storage solutions provider, announced an expanded partnership with TETRA Technologies, Inc., a global energy services company. The agreement designates TETRA as the preferred strategic supplier of electrolyte products for Eos's new Eos Z3 long duration energy storage cube. TETRA will supply at least 75% of the total electrolyte product demand. The partnership, which began in 2021, has been extended with a new four-year agreement that includes provisions for potential extension beyond the initial term. The agreement aims to support Eos's growth, reduce costs, and improve battery performance, contributing to the company's path to profitability. The collaboration also aligns with the objectives of the Inflation Reduction Act. Eos's proprietary electrolyte solution, which includes high purity zinc-bromide produced by TETRA, is a critical component of the Eos Z3 cube. The agreement was officially announced in a press release on January 9, 2024, following the formalization of the Supply Agreement.