Appoints current Chief Financial Officer, Nathan Kroeker to Chief Commercial Officer, welcomes new Chief Financial Officer, Eric Javidi, who brings a track record of success with high growth companies
EDISON, N.J., March 04, 2025 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the "Company"), America's leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage (LDES) systems sourced and manufactured in the United States, today announced two leadership appointments that will further support its growth strategy and strengthen its market position. Effective March 5, 2025, Nathan Kroeker will transition from his current Chief Financial Officer role to become Eos' Chief Commercial Officer. In conjunction with this strategic transition, the Company has appointed Eric Javidi as its new Chief Financial Officer, bringing extensive investing, operating and organizational leadership experience in the energy and energy infrastructure spaces.
"Over the past two years, Nathan secured over $850 million in transformative financing, positioning Eos for significant operational expansion. His prior experience as CEO, where he successfully led an energy trading and marketing company operating assets like those of our customers, gives him a unique understanding of both the complexities of the industry and the evolving needs of customers," said Joe Mastrangelo, Eos Chief Executive Officer. "Nathan's background as Chief Financial Officer gives him a unique advantage in understanding both the financial and commercial landscapes of the industry, allowing him to create customer-centric solutions that are not only impactful, but also financially sustainable."
Kroeker will be responsible for expanding into new geographies, driving customer project financing, and ensuring that Eos' offering is aligned with the diverse needs of its customer base. His expertise will help guide the Company's growth by strengthening customer relationships and bankability, providing financing solutions, and positioning Eos as the preferred partner in long duration energy storage.
"I am also very pleased to welcome Eric Javidi as our next Chief Financial Officer," continued Mastrangelo. "Eric brings over 15 years of experience within the energy and energy infrastructure space, having held a variety of executive roles in both the public and private sectors. His extensive experience as a strategic leader will be invaluable as we scale our company. He has a proven track record of driving performance and growth through strategic decision making and tactical capital allocation decisions. His leadership will be crucial in maximizing profitability and shareholder value."
Javidi is an experienced executive with extensive industry experience having previously served as Managing Partner and Co-head of Kayne Anderson Capital Advisors, LP's ("Kayne Anderson") Energy Infrastructure strategy. In addition to his six years at Kayne Anderson, Javidi has served in C-suite executive roles for several public and private companies, including as the Chief Financial Officer of Archaea Energy, Inc. (NYSE: LFG) and CrossAmerica Partners LP (NYSE: CAPL), and as President and CEO of Southcross Holdings LP. Additionally, he has provided ongoing strategic consulting services to some of the world's largest infrastructure private equity firms related to their energy transition investments and strategies. Javidi began his career as an investment banker at Lehman Brothers, Barclays and UBS and holds an MBA from Duke University.
"These two appointments are vital to our continued success," added Mastrangelo. "Nathan's transition to Chief Commercial Officer and the addition of Eric as Chief Financial Officer bring two uniquely qualified executives to key roles in the Company. Together, they will lead our efforts to scale operations, profitability and achieving long-term strategic growth in American-made energy storage."
"I am thrilled to be part of such an innovative and dynamic team and organization," said Javidi. "With the energy storage market rapidly evolving to longer duration storage, Joe's leadership and ability to execute, in addition to the world-class strategic partnership with Cerberus, it couldn't be a more exciting time to join Eos. I look forward to leveraging my experience to support the Company's growth, drive value creation and help position Eos for both near-term and long-term success. With Nathan in his new role as Chief Commercial Officer, Eos is poised to enhance both our financial strength and our customer focused approach as we expand our domestic and international footprint and deliver industry-leading solutions."
This leadership change comes at a pivotal time as Eos continues to focus on expanding its presence in the fast-growing long duration energy storage market that require increased access to financing options that enable customers to adopt innovative technologies with greater ease and accessibility.
About Eos Energy Enterprises
Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.
Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers' ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.
The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company's most recent filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
