Eos Energy to Get $25 M Equipment Funds from Trinity Capital

Highlights :

  • The funds will be used to acquire equipment that will expand production of Eos’s proprietary aqueous Znyth® batteries.
  • Eos Energy Enterprises is a provider of safe, scalable, efficient, and sustainable zinc-powered energy storage systems.

Eos Energy Enterprises, a provider of safe, scalable, efficient, and sustainable zinc-powered energy storage systems, has announced that HI-POWER LLC, a wholly owned subsidiary of Eos, has entered into a $25 million equipment financing agreement with Trinity Capital, a leading provider of debt and equipment financing to growth stage companies.

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

Located in close proximity to more than 80% 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.”

“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.”

Recently, Koch Strategic Platforms, an investment subsidiary of Koch Industries, announced that it is investing US$100 million in Eos. The zinc battery company acquired its NASDAQ listing in November last year following a merger with a special purpose acquisition company (SPAC).

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