Eos Energy announced it had closed an $85 million senior secured term loan facility with Atlas Credit Partners (ACP).
Eos provides energy storage solutions to utility, industrial, and commercial customers. The company claims its aqueous zinc battery (Znyth) can overcome the limitations of conventional lithium-ion technology.
The new funding will provide capital for expanding the company’s manufacturing capacity, developing energy storage systems and services, and for general corporate purposes.
The financing consists of a four-year, non-amortizing term loan with interest at a variable rate of SOFR plus 8.5%. The Credit Agreement also permits the company to make a one-time request for an additional commitment of up to $15 million, subject to lender consent.
“We are excited to partner with ACP on this transaction which increases our financial flexibility. This capital allows us to fast-track our manufacturing capacity expansion to accelerate the shift to clean energy and to deliver against our $460 million orders backlog,” said Joe Mastrangelo, Chief Executive Officer of Eos.
“The Company has a proven technology with a strong management team and is building a capital efficient and scalable manufacturing model that ACP believes is poised to capture one of the largest secular growth opportunities that we have identified in the energy industry,” said Drew Mallozzi, Managing Partner of ACP.
This week, VoltStorage, a developer and producer of energy storage systems based on redox flow technologies, received €24 million (~$24.4 million) in Series C financing from the U.S. company Cummins. The capital will be used to develop new battery storage systems and grow the company.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals compared to $4.4 billion in 34 deals in 1H 2021. One large funding deal in Q2 2021 contributed to the difference.
Brill Power, a developer of intelligent battery management systems, recently announced that it raised $10.5 million in a Series A funding round. Legal & General Capital and Barclays Sustainable Impact Capital Programme led the financing round with participation from existing investors, Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University.
