Eos Energy Storage, a developer and manufacturer of grid-scale battery systems, today announced a private placement with AltEnergy LLC. Eos expects to receive $15 million in gross proceeds from the private placement and plans to place an additional $10 million with accredited investors for total gross proceeds of $25 million.
The placement has been structured in two closings. The first closing occurred on December 1, 2014 and the second closing is expected to occur in the first financial quarter of the current fiscal year. Proceeds from the financing will be used primarily for pilot manufacturing scale-up and ongoing commercialization of Eos's Aurora 1000 / 4000 dc battery product.
Eos is developing a low-cost grid-scale energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom, and residential markets. Eos's mission is to produce safe, robust, cost-effective storage solutions that are less expensive than incumbent alternatives, such as gas turbines and grid infrastructure.
