Eos Energy Enterprises, a U.S.-based zinc-powered energy storage systems provider, announced that its wholly-owned subsidiary HI-POWER had signed a $25 million equity financing agreement with Trinity Capital.
The funding will be utilized to acquire equipment that will expand the production of its proprietary aqueous Znyth® batteries.
The company produces long-duration (3-12 hours) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial sites.
Sagar C. Kundra, Chief Financial Officer of Eos Energy Enterprises, said, “Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy. As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our consumers’ commitment and orders backlog and improve our delivery lead times.”
Ryan Little, Managing Director of Trinity Capital, said, “We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth® batteries. We see a massive opportunity ahead for Eos, and their innovative and sustainable design is poised to transform multiple verticals.”
In November 2020, Eos Energy Enterprises completed the business combination with a special-purpose acquisition company (SPAC), B.Riley Principal Merger Corporation II (BMRG), with a pro forma market capitalization of $500 million. The company went public on the Nasdaq capital market in a rare battery energy storage listing.
According to Mercom’s 1H and Q2 2021 Funding and M&A Report for Storage, Grid, and Efficiency, in the first half of 2021, battery storage companies raised $9.6 billion in corporate funding from 41 deals compared to $716 million raised in 19 deals in the same period last year. The report said that funding levels had improved every quarter since Q1 2020. Funding activity, however, slumped in Q1 2020 due to the Covid-19 impact.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.