Eos gets capitalist's US$ 200 million financing commitment for zinc battery storage

• Eos Energy Enterprises has protected a US$ 200 million investment commitment via an arranged share sale as the zinc-air battery energy storage company commercialises as well as scales up production.

Eos hopes to make US$ 50 million incomes in 2022, more than 10x what it attained last year. It is currently increasing manufacturing centers at its factory site near Pittsburgh to 800MWh annual capability as well as investing US$ 25 million to do so.

The company stated yesterday that an unrevealed affiliate of its financing partner Yorkville Advisors has agreed to make an ordinary shares standby equity purchase arrangement for the US$ 200 million amount. With the arrangement, Eos has the right, yet not obligation, to offer common equity stock to the Yorkville affiliate any time throughout a predetermined two-year duration.

Yorkville president and founder Mark Angelo said that collaborating with Eos provided his team a "front row seat as the world proceeds its shift to cleaner energy".

The shares will be released at an affordable price based on 97% of the three-day heavy typical share price at the time of acquisition while the deal additionally allows for sums to be lent to Eos, US$ 50 million at a time.

Eos Energy Enterprises has created a zinc battery innovation via plating and also replating zinc. It enables as much as 3-hour period per component of Eos' Znyth brand name batteries, however those modules can be piled with each other to develop approximately around 12 hours of storage in a full system.

The company listed on the New York Stock Exchange (NYSE) in November 2020 as one of a number of energy storage space companies to combine with unique objective acquisition company (SPAC) entities throughout the last couple of years.

Eos was clear at the time that the course to success would certainly take a while to pass through and would certainly call for significant financial investment in modern technology and also manufacturing scale, in addition to company growth tasks.

It incurred prices of simply under US$ 140 million for 2021, but completed last year with an order backlog worth US$ 150 million. Its market cap since early April was US$ 211 million, while Eos has additionally been invited by the United States Division of Energy (DoE) to apply for car loans to fuel its production growth.