Latest news with #EosEnergy
Yahoo
29-05-2025
- Business
- Yahoo
Eos Energy abruptly terminates CFO after three months
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Battery maker Eos Energy terminated the employment of its CFO, Eric Javidi on Tuesday 'effective immediately,' according to a securities filing, approximately three months after Javidi first assumed the company's top finance seat. Javidi's termination without cause was 'not related to the Company's financial or operating results or to any disagreements or concerns regarding the company's financial or reporting practices,' Eos Energy said. The Edison, New Jersey-based company appointed Nathan Kroeker, its chief commercial officer — and previously its CFO before Javidi's appointment in March — to the role of interim finance chief, according to the Tuesday filing with the Securities and Exchange Commission. Kroeker will not receive any additional compensation as interim CFO, the company said. Kroeker is stepping back into the role of finance chief as the battery manufacturer looks to chart a path to further expansion amid a spike in power demands driven by the AI boom. The company, which manufactures zinc-powered batteries, is seeking to expand its first production line as well as build a second line, supported by a $303.5 million loan gurantee Eos Energy received from the U.S. Department of Energy in December, Bloomberg reported earlier this month following an interview with CEO Joe Mastrangelo. So far, the company has drawn one $68 million tranche of the loan, Mastrangelo told Bloomberg. Javidi succeeded Kroeker in the CFO role on March 5, according to a company filing at the time, joining from investment firm Kayne Anderson. In accordance with his appointment, Javidi was set to receive an annual base salary of $500,000 and was eligible for a target bonus representing 80% of his base, according to the March filing. He also received an initial grant of time-restricted stock units valued at $2 million, a long-term incentive program equity award valued at $500,000, and a sign-on cash bonus of $5,000 'to assist with legal expenses that you may incur in connection with your transition to Eos,' according to his offer letter. Javidi will be 'entitled to the payments and benefits' detailed in his offer letter for a termination without cause, Eos Energy said in its Tuesday filing. For either a termination without cause or if Javidi resigns with good reason, the former CFO is entitled to receive 'any accrued and unpaid base salary and any unreimbursed business expenses' through the date of termination, to be paid on the next payroll date, per the offer letter. Provided Javidi executes, delivers and does not revoke a release of any claims arising in connection with his termination, he is also entitled to receive 12 months payment of his base salary, any earned, unpaid annual bonus payments, and full vesting of any equity wards, other than those subject to performance-based vesting, according to the offer letter. Kroeker, meanwhile, transitioned to the role of chief commercial officer effective as of March 5, having previously served as Eos Energy's CFO beginning in 2023. Upon taking on the interim CFO role, Kroeker's base salary was not adjusted but his short-term incentive opportunity was increased to 90% from 70%, according to the March filing announcing the previous leadership changes. Prior to joining Eos in 2023, Kroeker served in a variety of key finance roles, including CFO, during a nine-year career at Spark Energy, according to his LinkedIn profile. His past experience also includes stints at Macquarie Energy and Direct Energy, and he began his career at accounting firms including Arthur Andersen and Ernst & Young. The abrupt CFO change comes as the company continues with its plans for expansion, signing a deal earlier this month with a 'large scale developer of data centers' for the use of its batteries, according to Bloomberg. Agreements with such data centers represent approximately 30% of potential deals for the battery maker, CEO Mastrangelo previously told Bloomberg. On Wednesday, the company announced it had secured a strategic order from Faraday Microgrids, to develop a commercial microgrid application on tribal land in California. Eos — which has seen its stock value surge by more than 715% over the past year, according to Nasdaq — has also increased its production in order to meet a customer backlog, according to its earnings report published at the top of the month. Eos Energy reported its highest quarterly revenue figure in the company's history for Q1 2025. The energy firm reported $10.5 million in revenue for the quarter ended March 31, representing a 58% jump in revenue from the prior year period and a 44% jump from the previous quarter. The company also reported a gross loss of $24.5 million, compared to a $21.6 million gross loss in the year-earlier period. The company's operating costs for the quarter surged, growing by 46% from the prior year period to $28.4 million, according to its earnings results. While Mastrangelo cited tariff uncertainty as an 'upward cost pressure into the industry' during the battery maker's Q1 earnings call, the CEO referred to such uncertainties as a 'near-term' rather than a long-term challenge, according to a transcript by Seeking Alpha. Ninety-one percent of its supply chain is based in America, something that can represent a 'key competitive advantage' for Eos, Mastrangelo said during the call, as the Trump administration continues to target aggressive tariffs on foreign imports. While the Trump administration has also announced its intent to cut back on billions in energy-related loans by the Biden administration, 'conversations are progressing as normal' with the current administration in regards to the remaining disbursement of Eos' $303.5 million loan, Mastrangelo previously told Bloomberg. EOS Energy did not immediately respond to requests for comment regarding the CFO shift. Sign in to access your portfolio
CBS News
07-04-2025
- Business
- CBS News
As the stock market falls amid tariff announcements, Pittsburgh area investment officer gives his advice
It was a manic Monday on Wall Street after President Donald Trump threatened to crank his tariffs even higher and U.S. stocks tumbled for the third straight day. Stocks dropped over 1,600 on Thursday and then 2,000 on Friday. Today, the Dow ended down 349 points. "This is a shock that markets haven't really dealt with before," said Joe Rennison, Financial Markets Reporter for the New York Times. "We've been ripped off and taken advantage of by many countries over the years, and we can't do it anymore," Mr. Trump said. Investment bank Goldman Sachs issued a new forecast saying a recession has become more likely, even if the president reverses course. Now the question is, if you're an investor, what do you do? Newly elected Pennsylvania Senator Dave McCormick spent part of the morning touring a Mon Valley battery production facility, Eos Energy, and Sen. McCormick thinks the tariffs will help strengthen their business. "The essence of the tariffs, which is to try and bring fairness, makes sense, and now they've got to be executed in a way that's going to be good for [Pennsylvania] and the country," Sen. McCormick said. After the tour, the senator talked about the historic volatility in the stock market and said to take a breath. "I'm very conscious about it," he said. "I'm very worried about it. I'm watching to see what these tariffs are doing to the markets, but to business in Pennsylvania, let's give it a little time." That's the same message that Michael Godwin, the Chief Investment Officer at Fragasso Financial Advisors, is stressing, especially if you're a young investor. "The best time to invest is right now," Godwin said. "This stock market correction of 20% or so is an opportune time to invest as a long-term investor." Now, what about the people who are ready to enjoy their golden years but are now worried that those years won't be so golden if the market tanks? "In every correction, we've had the market always recovered," Godwin said. Godwin did, however, point out that if you are closer to retirement or already retired, your investments should be diversified. He said that the bond market is up and international stocks are flat, so make sure you have some investments that aren't tied to the U.S. stock market completely. As for when the stock market roller coaster will pull into the station, Godwin gave his prediction. "We are likely to see a bump in the stock market and cooler heads will prevail," he said. Godwin concluded that as the tariff news hopefully gets better, he thinks there will be a reprieve in the equity markets.
Technical.ly
24-02-2025
- Business
- Technical.ly
Pittsburgh has all the resources to be the next big green energy hub — except the workers to make it happen
Brandon Grainger stood beneath a towering, 13,800-volt webwork of power lines and transformers constructed inside a laboratory at the Energy Innovation Center in the Hill District, home to the University of Pittsburgh's GRID Institute. Solar panels layer the sawtooth roof and a prototype wind turbine spins high above the parking lot. Both provide energy to the lab, and a research opportunity for those seeking to understand how to best integrate renewable energy. As power demands increase from booming tech and AI development, the GRID Institute studies how to efficiently get electricity where it's needed, and Grainger and other professors prepare students to eventually work in advanced industry. But concerns persist, and a question remains: Do we have enough labor — from doctoral candidates to electricians — to meet the demands of the future? 'Well, the answer is no,' said Granger, an associate professor of electrical engineering. His graduate students, mostly electrical engineers, are being hired nearly eight months before they graduate, he said, and undergraduates, too, are being scooped up by industry well before they leave campus. Southwestern Pennsylvania has the industrial capacity and hard-working heritage to be a bedrock of green energy manufacturing and development at a time when climate-friendly projects awaiting connection to the grid could go a long way toward addressing energy supply challenges. Research and investment is already flowing to the region, but as green energy development accelerates, the local stock of legacy labor might not match the demand for workers, potentially posing a serious risk to the sector's development amid quality control issues and delays. At the same time, local efforts are striving to train and graduate new workers to help meet the need. Energy investments and clean job creation Billions of dollars have been invested in energy projects in Southwestern Pennsylvania over the last decade. From 2012 to 2022, capital investments and energy projects in the region totaled $6.2 billion, according to data from the Allegheny Conference on Community Development. Since then, according to the 2025 Climate Power Report, clean energy projects alone have: Spurred $1.33 billion in investment across Pennsylvania Created 4,692 jobs in the state Set the stage for a further $1.15 billion in investment and 2,916 more jobs across 19 approved projects, including 14 located in what the report deemed disadvantaged communities. In Southwestern Pennsylvania, several projects have fueled regional growth. A $500 million investment in Eos Energy, in Turtle Creek, is expected to create 700 jobs, including 650 full-time positions and 50 union construction jobs. An $18 million investment in Westinghouse to build a microreactor accelerator hub in Etna, will add 40 jobs, while an almost $88 million investment in Mainspring Energy to build a linear generator manufacturing facility in Findlay Township will create 891 jobs. But who will fill those jobs? Workforce development efforts to capitalize on investments When the Connelley Vocational High School first opened its doors in the Hill District in 1930, it was the largest school of its kind in the U.S., graduating some 1,700 locals each year trained in legacy trades like welding, machinery and masonry. Now, the gilded age equipment has been replaced with the tech startups, research laboratories and asset management offices of the Energy Innovation Center, a microcosm of a fledgling local green economy built on the back of legacy industry. Upstairs, a manufacturing floor under construction will house production lines for high-tech magnetic components for electrical vehicles. Below, research labs host academics and startups testing prototypes with potential to accelerate a modern energy future. Cubicles house scores of analysts managing the output and sale of solar and wind energy across America. Down the hall, an effort is underway to train the workers who might eventually install the technologies being developed several doors down. 'It is an ecosystem, and it's not just about clean energy,' said Holly Merriman, EIC's program manager for clean energy workforce development. 'It's about energy efficiency. It's about the next generation of energy and meeting ever-increasing demands for energy and then trying to be a step ahead of the workforce needs.' In her role, Merriman works with private companies to identify their labor needs now and in the future, and to connect private enterprise, including local solar developers, with resources for training and hiring. The EIC has partnered with the Community College of Allegheny County and the local nonprofit New Sun Rising to restart a once-shuttered solar training program and make it accessible to at least a dozen solar companies in the region, 'to get as many people ready for the influx of solar projects as possible,' Merriman said. The program trains and certifies workers to install solar panels at no cost, and has graduated 20 students with certificates across the last two cohorts. Another company, Vitro Architectural Glass, develops specialty glass coated for solar panels and energy efficient buildings like the new First National Bank building in the Lower Hill District. Vitro has partnered with the EIC and the Bidwell Training Center, in the North Side's Chateau neighborhood, to train local workers to be the lab technicians who develop that high-tech product. And in a few months, the Pittsburgh Gateways Corp., which owns the EIC, and Penn College of Technology will open a new facility in Homewood, dubbed the Clean Energy Center — Pittsburgh, which will train 100 to 200 workers per year in energy efficiency and building performance for residential homes, Merriman said. A large share of the programs in Pennsylvania focus on electrical (41.5%) and HVAC/R (38.1%) training. A smaller share is targeted at building performance analysts and energy auditors, with 13.5% of programs available statewide. Inside the former vocational school, an ongoing pre-apprenticeship program trains people interested in joining the building trades — carpenters, laborers, electricians. Merriman said the students coming out of those classes interview directly to join local labor unions, which are increasingly preparing to build green energy projects. Some might eventually work with the company upstairs, Exus Renewables North America, a firm that calls itself a one-stop shop for renewable energy management. There, a wall of flatscreens displays the real-time generation from the company's portfolio of wind and solar farms across the US, monitoring weather patterns and some 15 million data points every 10 minutes. The company, which was founded in 2018 with four people, now employs 90 in a two-floor office inside the EIC. Recently, Exus acquired four wind farms in Cambria and Somerset counties, which the company is working to repower with the latest technologies. For just one of those projects, repowering required 190 workers across various trades — iron workers, electricians, road workers and crane operators. Challenges persist in clean energy workforce development At a green energy roundtable at the EIC in September, Aaron Brickman, who leads clean technology economic development initiatives at the U.S. think tank, RMI, declared his faith in the Pittsburgh region's potential to develop world-leading green energy and clean technology manufacturing. 'The investments are already flowing. This isn't a theoretical exercise.' It's absolutely critical, Brickman said, to trade on existing, industrial capabilities and capacities and existing labor skills. But local research shows that challenges persist around developing an adequate workforce to reach that potential. An October report from Sustainable PGH which gathered data from three years of conversations with local stakeholders, identified four key barriers: Limited ecosystem connectivity, which hinders collaboration and knowledge sharing Low visibility and accessibility of clean energy jobs Employment barriers, such as transportation and childcare A lack of training programs. Despite those existing challenges and new ones brought by a Trump administration bent on prioritizing fossil fuel, some see the local landscape improving. 'We're not in crisis level,' Merriman said. Four years ago, she added, there were about four job openings for every job seeker. 'That was a crisis,' she said. 'A couple of years ago, the labor market was really tight and it was very, very difficult,' recalled Jim Spencer, one of the co-founders and CEO of Exus. 'Renewables was pretty hot and it was very difficult to attract talent here.' Now, though, he said he doesn't see a real labor shortage. 'We're not a renewable energy hub in any sense of the word, and that's unfortunate,' Spencer said. In a region where power supply is waning as demand for electricity is increasing, he hopes renewables take on a greater role. 'People want fossil-free generation,' he added, and with so much emphasis on data centers and AI, and the associated spike in demand for energy, he said, 'thinking that we're going to be an AI hub without pairing that with renewables is foolish.' Exus is hoping to build a large-scale solar panel factory here in Southwestern Pennsylvania. It considered West Virginia, but became concerned that it might not find 500 to 1,000 people to fill the jobs. Pittsburgh and the broader region, said co-founder Dhaval Bhalodia, 'is great for that labor pool, that blue collar heritage.' Spencer said it remains to be seen if momentum will persist under President Trump's second term. 'We're feeling some headwinds from the new administration,' Spencer said, pointing to an executive order that failed to mention wind or solar within a new definition of energy. 'Which is ridiculous, because 90% of the new additions to the grid were renewables across the country last year.'
