Eos Energy to Obtain $25 M Equipment Funds from Trinity Capital
- The funds will be used to acquire equipment that will certainly increase manufacturing of Eos's exclusive liquid Znyth ® batteries.
- Eos Energy Enterprises is a service provider of safe, scalable, reliable, and also sustainable zinc-powered energy storage systems.
Eos Energy Enterprises, a provider of safe, scalable, efficient, and lasting zinc-powered energy storage systems, has introduced that HI-POWER LLC, a completely owned subsidiary of Eos, has participated in a $25 million equipment financing arrangement with Trinity Capital, a leading provider of financial obligation and also equipment financing to development phase companies.
The funds will be made use of to acquire equipment that will certainly increase production of Eos's proprietary liquid Znyth ® batteries.
Located close to more than 80% of Eos's distributors, the Pittsburgh, PA based manufacturing facility generates long duration (3-12 hr) energy storage solutions that give trustworthy power to applications across the energy supply chain, consisting of energies, industrial as well as commercial websites.
" Safeguarding this equipment funding is an essential landmark in our capability to expand our production ability as well as properly balance our capital appropriation technique," claimed Sagar C. Kurada, Chief Financial Officer of Eos. "As we continue to ramp up our manufacturing operations, we expect to have even greater presence into managing our consumer commitment as well as orders stockpile, as well as boost our distribution preparation."
Sagar continued, "We wish to thank Trinity for serving as our financing companion and also aiding more placement Eos for development as demand for long duration tidy energy storage continues well into the future."
" We are proud to partner with the team at Eos, whose goal to construct a greener planet for future generations is being driven by their development Znyth ® innovation," claimed Ryan Little, Taking Care Of Supervisor of Trinity Capital. "We see a huge chance in advance for Eos as well as their innovative as well as sustainable design is plainly poised to transform multiple verticals."
Lately, Koch Strategic Platforms, an investment subsidiary of Koch Industries, introduced that it is investing US$ 100 million in Eos. The zinc battery firm obtained its NASDAQ listing in November last year adhering to a merging with a special purpose procurement company (SPAC).