Zinc battery company Eos Energy secures US$ 85m loan

• Zinc-based battery energy storage system carrier Eos Energy Enterprises has secured a US$ 85 million loan center with Atlas Credit Partners (ACP).

The money will be used for increasing Eos' production capacity, establishing the future generation of its energy storage systems and also services and also for basic corporate objectives, it said.

The financing from ACP, a private credit fund, consists of a four-year, non-amortising term loan with a variable rate of interest of SOFR (Secured Overnight Financing Rate) plus 8.5%. The agreement likewise permits Eos to make an one-time ask for another US$ 15 million subject to loan provider permission.

Joe Mastrangelo, Eos chief executive officer, claimed: "This resources allows us to fast-track our production capacity development to accelerate the shift to clean energy and to supply against our $460 million orders backlog."

It improves a US$ 200 million financing commitment the company recently got from among its finance partners, as reported by Energy-Storage. news.

The company's order backlog currently stands at 1.9 GWh, of which a big portion is a recently-expanded multi-year master supply agreement with renewable energy EPC and also developer Bridgelink Commodities for the ERCOT market.

The core of the company's battery energy storage system options is its Znyth (zinc hybrid cathode) brand battery, which is piled into systems using a duration of between three and also 12 hrs. Its Energy Block service provides to 10MW of power while the Power House starts at 10MW.

The vast majority (90%) of demand for the company's service is from within the United States. As Energy-Storage. news reported lately, it is undertaking a 550MWh growth of the production capacity of its Pittsburgh plant, of which 65MWh was completed in quarter one 2022.

Drew Mallozzi, taking care of partner of ACP, included: "The Company (Eos) has a tested innovation with a strong management team as well as is building a resources efficient as well as scalable production version that ACP thinks is positioned to catch among the biggest secular development possibilities that we have actually determined in the energy sector."