Eos Energy Storage, a United States-based zinc-battery storage system manufacturer, has gone public on the Nasdaq Capital Market in a rare battery energy storage listing.
The company announced that it 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 combined company has been renamed Eos Energy Enterprise. Its shares of common stocks and warrants started to trade on the Nasdaq Capital Market under symbols ‘EOSE’ and ‘EOSEW,’ respectively, on November 17, 2020.
In September 2020, the company entered into a definitive merger agreement with BMRG for a business combination to become a publicly listed company. It said that the transaction’s net proceeds would be utilized to expand its manufacturing capacity, advance research and development, and for general corporate purposes.
The company said that Joe Mastrangelo would serve as Chief Executive Officer (CEO) of the company, and Sagar Kurada would be the Chief Financial Officer. Joe Mastrangelo and Russel Stidolph, chairman of the board since 2018, will be included in the company’s board of directors. Besides that, B.Riley Financial’s Chief Investment Officer and former CEO of BMRG, Dan Shribman, and Alex Dimitrief, former president and CEO of General Electric’s global growth organization, will also be part of the company’s board of directors.
“This milestone is the culmination of more than a decade of commitment to addressing the world’s energy storage challenges. We have a proven, safe, and sustainable storage solution that’s ready to help accelerate and scale the clean energy transition,” said Joe Mastrangelo.
The global venture capital funding for battery storage companies in the first nine months (9M) of 2020 was 25% lower with $1.2 billion in 21 deals compared to $1.6 billion in 25 deals in 9M 2019, according to Mercom’s 9M and Q3 Funding and M&A Report For Storage, Grid & Efficiency. Two zinc-based battery solutions providers received $25 million in 9M of 2020.
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.