From: Mercom India
Expion Energy (formerly Expion360), a provider of lithium-ion battery power storage solutions, has raised $9 million through a private placement of convertible debentures with accredited investors.
Expion issued $9 million in aggregate principal amount of 8% convertible debentures and warrants to purchase up to 2,117,219 shares of its common stock. The warrants have an initial exercise price of $4.25 per share, subject to adjustment.
The company received approximately $8.2 million in net proceeds after placement agent fees and estimated offering expenses.
The company plans to use the proceeds to acquire certain oil and gas assets in Eastern Louisiana and for general corporate purposes, including working capital.
Five Narrow Lane is the lead investor in the transaction. The investment firm is affiliated with Joseph Hammer, Expion’s interim chairman of the board and former chief executive officer.
Subject to shareholder approval, investors will also have the right to purchase up to $91 million of additional convertible preferred stock, representing 91,000 additional shares, through one or more subsequent private placements.
Each additional placement would involve a separate series of convertible preferred stock with terms substantially similar to the Series A-1 preferred shares.
Subject to shareholder approval and the filing of a certificate of designation with the Nevada Secretary of State, the debentures will automatically convert into 9,000 shares of Expion’s Series A-1 8% Convertible Preferred Stock. Each preferred share will have a stated value of $1,000.
Beginning on the first anniversary of the issuance date, the preferred shares will accrue cumulative dividends at an annual rate of 8%. The preferred stock can be converted into common shares at an initial conversion price of $4.25 per share. The shares will have a liquidation preference equal to their stated value plus accrued and unpaid dividends and will carry no voting rights.
In May, Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, announced the closing of its $6 million underwritten public offering.
According to Mercom’s 1H 2026 Funding and M&A for Energy Storage report, announced debt and public market financing for the Energy Storage sector in 1H 2026 totaled $7.3 billion in 22 deals, a 1% decrease compared to $7.4 billion across 19 deals in 1H 2025.
