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Eos Energy Enterprises Announces Finance Agreement to Expand Production

Eos Energy Enterprises Announces Finance Agreement to Expand Production
13 October 2021
 

Eos Energy Enterprises has announced a $25 million equipment financing agreement with Trinity Capital Inc.

The agreement is expected to enhance manufacturing operations and further scale production for the provider of zinc-powered energy storage systems.

HI-POWER LLC, a wholly-owned subsidiary of Eos, has entered into a $25 million equipment financing agreement with Trinity Capital Inc., a provider of debt and equipment financing to growth-stage companies.

The funds will be used to acquire equipment that will expand the production of Eos’s proprietary aqueous Znyth® batteries.

Located in close proximity to more than 80 per cent of Eos’s suppliers, the Pittsburgh, PA-based manufacturing facility produces long duration (3-12 hour) energy storage solutions that provide reliable power to applications across the energy supply chain, including utilities, industrial and commercial sites.

“Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy,” said Sagar C. Kurada, Chief Financial Officer of Eos.

“As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our customer commitment and orders backlog, and improve our delivery lead times.”

Sagar continued, “We would like to thank Trinity for serving as our financing partner and helping further position Eos for growth as demand for long-duration clean energy storage continues well into the future.”

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“We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth® technology,” said Ryan Little, Managing Director of Trinity Capital. “We see a massive opportunity ahead for Eos and their innovative and sustainable design is clearly poised to transform multiple verticals.”

 

Eos at EMEX 2021

 

Eos Energy Enterprises, Inc will be exhibiting at EMEX, The Net-Zero and Energy Management Expo in November. You can find them on Stand F68.

Eos accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Their breakthrough Znyth® aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology.

Safe, scalable, efficient, sustainable—and manufactured in the U.S.—it's the core of their innovative systems providing utility, industrial, commercial, and residential customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey.

Picture: a photograph of a pile of coins

Article written by Ella Tansley | Published 13 October 2021

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