Investing.com -- Eos Energy Enterprises Inc (NASDAQ: EOSE )., a company whose stock has seen a remarkable rise of more than 720% in the past year, has entered an initial agreement with a large-scale developer of data centers. This development comes as escalating power consumption propels the demand for batteries.

The company, which produces zinc-based batteries that can be connected to the grid, is also in the process of finalizing several other memorandums of understanding with data centers, according to a Bloomberg interview with Eos Chief Executive Officer Joe Mastrangelo. He refrained from disclosing the names of the firms involved. Mastrangelo noted that agreements with data centers comprise approximately 30% of potential deals for Eos.

In the interview, Mastrangelo explained that the foremost cost for data centers is the power required to operate their facilities. He further stated that Eos’s energy storage systems can help reduce these costs by mitigating fluctuations in electricity demand. This is a development that the company is very enthusiastic about.

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