Eos Energy
Firstly, Eos Energy Enterprises, Inc. is a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems.
Secondly, the company announced that it has entered into a $200 million common stock standby equity purchase agreement; with an affiliate of financing partner Yorkville Advisors.
Thirdly, the purchase agreement gives Eos the right, but not the obligation, to sell up to $200 million of common equity to an affiliate of Yorkville; at the time of Eos’s choosing during the two-year term of the agreement.
We are seeing rapid demand growth in stationary energy storage which requires additional capital to further expand manufacturing capacity and product development. This financing commitment is a key enabler to continue our positive growth trajectory and we’re thrilled to partner with Yorkville at this crucial point in Eos’ journey.
Joe Mastrangelo, Chief Executive Officer of Eos.
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Clean solutions
Eos has the mission to accelerate the shift to clean energy with solutions that transform how the world stores power.
The agreement shares will be issued to the investor at a discounted price of 97.0% of the 3-day volume-weighted average price following notification by the Company to the investor to draw upon the facility.
In addition, the SEPA allows for pre-advance loans in the aggregate principal amount not to exceed $50 million per loan; pursuant to a promissory note which is subject to the mutual consent of the parties.
About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with solutions to store power.
Moreover, its breakthrough Znyth™ aqueous zinc battery will overcome the limitations of conventional lithium-ion technology.
Safe, scalable, efficient, sustainable-and manufactured in the U.S-it’s the core of its innovative systems that today provide utility, industrial, commercial, and residential customers with a proven, reliable storage alternative for 3- to 12-hour applications.
Finally, Eos born in 2008. It is in Edison, New Jersey.
