Eos Energy Storage gets $23.0 Million to Ramp Manufacturing

October 18, 2016 by Jeff Shepard

Eos Energy Storage LLC has completed the initial closing of the sale of preferred units in a private placement transaction resulting in gross proceeds of approximately $23.0 million. The Company expects to use the net proceeds of the private placement for scale-up of contract manufacturing and commercial deployment of the Eos Aurora 1000/4000 DC battery product. The private placement is being managed by a nationally recognized investment bank.

This investment follows an announcement earlier this year of a private placement with AltEnergy LLC. Eos received about $15 million in gross proceeds from that private placement and placed an additional $10 million with accredited investors for total gross proceeds of $25 million.

The Eos Aurora 1000/4000 is a low-cost dc battery system designed specifically to meet the requirements of the grid-scale energy storage market. With 4 hours of discharge capability, immediate response time, and modular construction, the Aurora system can be scaled and configured to reduce cost and maximize profitability in utility, commercial and industrial, and military market segments.

The Au roar 1000/4000 claims the several benefits including: Low Cost/kWh At $160/kWh (for volume purchases of 40MWh or more) and $200/kWh (for orders less than 40MWh) for the DC system, Eos is cost competitive with existing peak generation technologies. Extremely Long Lived Aurora is projected to last 5,000 cycles for a 15-year calendar life. High Energy Density Each 250kW subsystem is 9 ft. high, 18 ft. wide, and 12 ft. long and Eos offers several layout options for a 1MW/4MWh footprint. High Energy Efficiency With a round trip efficiency of 75% in full depth of discharge applications, Aurora is one of the most efficient long-duration energy storage solutions. And 100% Safe Non-flammable aqueous electrolyte has no flashpoint; non-hazardous and non-corrosive when shipped.

The Eos Aurora 1000/4000 offers many competitive advantages including a 100% depth of discharge standard use-case and a wide temperature range to enable implementation without the use of HVAC.