Energy

Eos Energy Enterprises secures $200M financing commitment

Eos Energy Enterprises entered into a $200 million common stock standby equity purchase agreement with an affiliate of financing partner Yorkville Advisors.

The purchase agreement gives the Edison-based provider of safe, scalable, efficient and sustainable zinc-based energy storage systems the right, but not the obligation, to sell up to $200 million of common equity to an affiliate of Yorkville at the time of Eos’ choosing during the two-year term of the agreement.

The shares will be issued to the investor at a discounted price of 97% of the three-day volume-weighted average price post notification by the company to the investor to draw upon the facility.

“We are seeing rapid demand growth in stationary energy storage, which requires additional capital to further expand manufacturing capacity and product development,” CEO Joe Mastrangelo said. “This financing commitment is a key enabler to continue our positive growth trajectory, and we’re thrilled to partner with Yorkville at this crucial point in Eos’ journey.”

The agreement allows for pre-advance loans in the principal amount not to exceed $50 million per loan, post to a promissory note based on mutual consent of the parties.



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